The Central Bank of Egypt said on Monday that it had approved a set of rules that would allow it to provide emergency liquidity to local banks.
و .ضاف Bank in a statement, that it will grant liquidity to banks in the event that they are unable to provide it from the interbank market or from other financial markets.
The bank stated that liquidity will be available to solvent banks only for a maximum period of 180 days, and the financing or part of it can be extended for other periods.
The Central Bank of Egypt said that the interest rate for emergency liquidity will be determined at the central bank’s overnight lending rate plus a margin set by the bank at a minimum of 5%.