Egypt Central Bank lowers reserve requirement on deposits
The new ratio is effective starting on June 26, the bank said on its website. On March 20, it announced it was reducing the ratio to 12 percent from 14 percent.
May 27, 2012 5:19 by Reuters
The Central Bank of Egypt (CBE) said on Sunday it was lowering the reserve requirement on local currency deposits to 10 percent from 12 percent to increase banking sector liquidity, its second such move in two months.
The new ratio is effective starting on June 26, the bank said on its website. On March 20, it announced it was reducing the ratio to 12 percent from 14 percent.
“To further ease credit conditions in the market and provide additional permanent liquidity into the banking system, the CBE’s Board decided to reduce the RRR (required reserve ratio) from 12 percent to 10 percent,” the bank said.
(Reporting by Patrick Werr)
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