For annual revision, "K" denotes 90 days average of 12-month KIBOR (Karachi Inter Bank
Offer Rate), announced for each calendar quarter by the Bank.
Through the inter bank mechanism, banks can claim their own prices for buying and selling the US dollar to the Egyptian pound, based on the dollar liquidity each bank possesses.
The inter bank system for foreign currency trading was adopted in Egypt prior to December 2012, before the state decided to pose periodic tenders during which the CBE sold dollars to banks, in light of the fall of hard cash resources.
The inter bank system, which had been followed in previous years, was governed by a price scope set by the CBE.
The policy of the State Bank not to support the dollar aggressively" against the rupee according to an analyst, is bearing fruit and the exporters are quick to dispose of the foreign exchange receivables in the inter bank
market, instead of holding dollars as practised in the past 50 years as it yielded higher rupee proceeds because of steadily falling rupee.
Table - 1 Interets rate on money market instruments by types, 1997 - 2000 End of SBI Inter bank Deposit Credit period 1 month fund 3 month Working Investment capital 1997 17.
75% for one-month third party's deposit and inter bank money market 15.
opened in 1990 and has approximately $65 million in total assets and $54 million in loans.
The third week saw rising rupee both in the inter bank
and kerb markets.
3 billion mostly raised through purchases from the inter bank and kerb market ($4 billion) and partly higher inflow of workers remittances.
In order to stabilize exchange rate, the State Bank purchased from the inter bank market mostly in the second and third quarter.