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The Central Bank of Egypt (CBE) will hold a press conference Monday morning to announce the launch of the risk-free benchmark interest rate (CONIA).
The central bank said the new benchmark was Cairo's average overnight rate in Cairo (CONIA), set by the Egyptian Capital Market Contact Group (MMCG), which includes the central bank. commercial banks and the European Bank for Reconstruction and Development (EBRD).
CONIA reflects the interest rates on interbank transactions which, in practice, are virtually risk free because of their very short duration.
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