CAIRO – 15 May 2024: The Central Bank of Egypt (CBE) pulled EGP 1 trillion in liquidity from local banks, which is the largest such withdrawal in the bank's history. The interest rate offered during the CBE's weekly fixed-rate auction was set at 27.75 percent, as stated on the bank's official website. This liquidity withdrawal is part of the CBE's open market operations to effectively regulate the money supply within the Egyptian banking system. The purpose of these deposit auctions is to help curb the country's high inflation rate. The overall monthly inflation rate for April 2024 was 0.9 percent, compared to 1.0 percent in March 2024.

Source: Egypt Today May 15, 2024 12:15 UTC