CAIRO: The median overnight interbank rate on the Egyptian pound fell fractionally to 8.79 percent on Thursday from 8.824 on Wednesday in the absence of central bank certificate of deposit auctions.

The market is extremely liquid, said one trader.

Banks tend to revert to the interbank market in the absence of auctions for the higher-yielding central bank certificates of deposits, causing rates to fall.

Three out of nine banks contacted by Reuters reported dealing at rates between 8.77 and 8.8 percent, compared with rates between 8.8 and 8.85 percent on Wednesday.

Two banks reported dealing in one-week paper at rates between 8.8 and 8.85 percent, compared with 8.85 and 8.9 percent on Wednesday.

By 1100 GMT, the pound was steady at 5.6947 pounds to the dollar.