A sharp rise in Egypt's Thursday overnight interbank rate
(MEBG) - The overnight interbank rate for the Egyptian Pound more than doubled from 6 percent on Thursday July 27, to 12.25 percent on Sunday July 30.
The overnight rates fluctuated moderately between 11 and 13 percent, in contrast to the 5 to 8 percent range that was effective the previous Thursday.
It is more common for rates to be slightly higher on Sundays, at the opening of the business week, than toward the end of the week.
The Egyptian central bank reported at midday on Sunday an average overnight interbank rate of 11.19 percent, versus Thursday's 9.1193 percent—and the one-week rate stood at 11.67 percent in comparison to Thursday's 10.261 percent.
The central bank reported that it exchanged U.S. dollars in the market at a slightly lower exchange rate of 3.48 pounds per dollar, versus the 3.47 pounds per dollar exchange rate of the previous week.
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