CBE withdraws over $20.8bln liquidity from Egyptian banks

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The CBE seeks to manage the excess banking system funds to ensure liquidity is in line with its policy objectives

Staff Writer, Mubasher

July 4, 2024

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Cairo: The Central Bank of Egypt (CBE) has collected liquidity amounting to EGP 1.08 trillion through its open market operations on Tuesday.

The monetary authority had issued new rules for its main open market operations, switching from a bid allocation method based on bank quotes to full allotment of all bids submitted starting 23 April 2024.

The CBE seeks to manage the excess banking system funds to ensure liquidity is in line with its policy objectives.

Last week, the central bank absorbed EGP 1.07 trillion in deposits from 32 Egyptian banks.

The CBE withdrawn EGP 872.55 billion in liquidity from banks in May.

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