Egypt o/n interbank rate rises to 11-1/4 percent
CAIRO, (Reuters) - The median overnight interbank rate on Egypt's pound rose to 11-1/4 percent on Sunday, May 27, from seven percent on Thursday in a short to moderate market typical for the start of the business week, bankers said.
"At the beginning of the week, until Monday, the market is always short," one banker said.
Overnight rates ranged between 10-3/4 and 11-3/4 percent, up from a range of 3-1/2 to eight percent on Thursday.
One week rates ranged from 10-1/2 to 12 percent while three banks had dealt at a one-week rate of nine percent on Thursday.
The CAIBOR rate showed an overnight interbank rate of 11.0795 percent compared to 8.2614 percent on Thursday.
The one-week rate was quoted at 11.0170 percent versus Thursday's 9.7926 percent.
CAIBOR rates are compiled by Reuters using average rates offered by 28 banks. ($1=3.88 Egyptian pounds).
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