The overnight interbank rate on the Egyptian pound surged on Monday, August 21, to ten percent from the six percent rate on the previous Thursday.
The market showed increasing liquidity, as was seen by the overnight rates on Monday ranging between 10 and 12 percent, compared with the 5 to 8 percent rates on the Thursday before. The average overnight interbank rate at midday Monday was recorded at 11.2862 percent compared with Thursday's 8.7105 percent.
Bankers attributed the end-of-day liquidity to Media Production City Company, which is returning to shareholders the difference in subscriptions and allocation in its capital increase, reported Khaleej Times. — (Albawaba-MEBG)
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