Regulatory Alerts2024-04-23
A circular dated April 22, 2024 regarding amending the procedures for accepting bids for the main process of linking weekly deposits
On April 22, 2024, the Governor of the Central Bank of Egypt, Hisham Ramez, will announce the terms for accepting bids in Operation Main, which is a fixed-rate tender process that takes place every week. The rate of the offer will be decided by the Central Bank based on market conditions and global best practices. Ramez also announced that starting April 23, 2024, all bid submissions for Operation Main would be accepted instead of the previous selective bidding process. The results of each operation will be posted on the Central Bank's website. Furthermore, the Central Bank Governor emphasized that he will continue to manage liquidity to maintain equilibrium and match his operating targets, ensuring overnight interest rates between banks average around the fixed rate of the main operation.