The Central Bank of Egypt (CBE) absorbed EGP 293.96 billion in liquidity from 15 banks, as part of its ongoing mechanisms for managing liquidity and regulating the banking market.

Total accepted bids equaled the amount submitted, at EGP 293.96 billion.

The CBE had previously issued instructions on the rules governing its main deposit operation for open market operations, which it used to conduct through a weekly fixed-rate auction. Under that system, the CBE announced the size of the operation and accepted bids on an allotment basis determined by each bank's bid as a share of total bids submitted, with the main operation rate applied.

The CBE said that, in line with its commitment to following international best practice in managing excess liquidity in the banking system and improving the transmission of monetary policy decisions, it decided to change the method of accepting bids for its main deposit operation from allotment to full allotment of all bids submitted, with the results of each deposit operation to be published on the CBE's website.