Central Bank of Egypt Offers Fixed-Rate Deposits at 21.75% for Seven Days

The Central Bank of Egypt (CBE) announced a fixed-rate deposit opportunity on Tuesday, presenting a seven-day deposit valued at 150 Egyptian pounds, as reported by the Federation of Egyptian Banks (FEB).

The CBE specified on its official website that these fixed-rate deposits carry a return rate of 21.75%, and their maturity date is set for 27-02-2024. Leveraging the open market deposit system, the Egyptian central bank utilizes fixed-rate deposits to absorb excess liquidity from banks.

In a recent meeting, the Monetary Policy Committee (MPC) made a decision to increase the deposit and lending rates for overnight transactions and the main operation rate by 200 basis points. The new rates stand at 21.25%, 22.25%, and 21.75%, respectively, reflecting the central bank’s efforts to manage monetary policy and economic stability.



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