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In
its pursuit to diversify and develop the monetary policy instruments, the
Central Bank of Egypt (CBE) announces a New Mechanism for Accepting
Deposits by the CBE from local banks according to the
following regulations:
- The CBE shall
announce, on Reuters and on its web site ( www.cbe.org.eg)
every operation , stating the amount, date of acceptance, and
maturity of the deposits it will accept,
- Banks shall
submit their offers for placing deposits with the CBE stating the amount
of deposits to be placed, with a maximum of three offers for each
bank, wherein the value and the interest rate shall be specified.
- Offers
shall be ascendingly sorted by the interest rate offered by banks.
Offers shall be accepted starting gradually from the lowest to the
higher interest rate until the amount of deposits to be placed is fully
covered. In cases of equal interest rate offers, allocations shall be
made by the amount of offers. The CBE may refuse any offer without
stating causes.
- On the date of
accepting deposits, the CBE shall debit the value of the accepted
deposit on the account of the relevant bank. On the maturity date, the
CBE shall credit the value of and due interest on the same account.
- offers shall
be submitted to the General Department for Securities and Loans, CBE,
no later than 10:30 AM on the day of operation, according to the form
prepared for this purpose.
- The CBE shall
announce the average interest rate on the deposits of the specified
maturity on Reuters and the CBE website (www.cbe.org.eg)
no later than 02:00 PM on the same day of the operation.
The
first operation shall take place on Tuesday 17 September 2002 as shown
in the announcement.
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