Egypt central bank to ask for LE5 billion in repurchase agreements

Egypt's central bank said it will ask for LE5 billion in seven-day repurchase agreements in the money market on Tuesday at a fixed rate of 9.25 per cent.

The central bank introduced the weekly repo agreements in March to keep short-term interest rates under control after a popular uprising ousted President Hosni Mubarak.

Last week it asked for repos worth LE7 billion and accepted LE6.23 million, the entire amount that was offered.