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Egyptian banks will have access to a new stream of emergency cash, after the country’s Central Bank signed off on new rules.
The institution has confirmed it will provide liquidity to local banks that are unable to benefit from the Interbank Market, or from other financial markets.
Egyptian banks will have the highest liquidity in the region, Deputy Governor of the Central Bank of Egypt Gamal Negm said to Alarabiya.
The maximum period for liquidity to be available for solvent banks will be 180 days. However, the period of financing could be extended.
The rate of emergency liquidity will be determined at the central bank's overnight lending rate, and the Bank will set a margin set at a minimum of 5 percent.
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