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Launched in September 2021, Nafis includes salary support scheme, pension programme, child allowance scheme, and unemployment benefit for Emiratis
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Egypt median on interbank rate falls to 4 per cent
CAIRO - The median overnight rate on the Egyptian pound fell to 4 per cent yesterday from 9 per cent the previous session as demand for pounds eased near the end of a period for calculating reserve requirements, traders said.
They said many banks had squared their positions earlier in the two-week reserve period and had no more need for pounds. Monday is the last day of the current reserve period. Traders also said the central bank had absorbed fewer pounds from the market than expected, helping keep the market liquid. “Because tomorrow is the last day of the reserve period, it is usually the case that rates ... go lower,” said one dealer. Another said: “The central bank did not make any new auctions to absorb liquidity.” Five out of eight banks contacted by Reuters had dealt in overnight money at rates of between 3 per cent and 7 per cent.
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