Central Bank of Egypt withdraws 67 billion pounds in liquidity
The Central Bank of Egypt announced on Tuesday that it has withdrawn a large amount of cash liquidity from the local banking market, as part of its ongoing efforts to manage the country's monetary policy.
According to the released data, the Central Bank withdrew liquidity worth 67.205 billion Egyptian pounds from 6 banks operating in the market. This operation was carried out through the weekly tender organized by the bank for open market operations.
This operation was executed at an interest rate of 19.5%. This step is a financial tool used by the Central Bank to control the money supply in the market, which helps in curbing inflation rates and maintaining price stability.
These measures come at a time when economic experts are monitoring liquidity movements in Egyptian banks, as these operations aim to regulate banking activity and ensure the efficiency of liquidity management between the Central Bank and commercial banks.