The Central Bank of Egypt (CBE) launched on Thursday CONIA, an interest rate benchmark that is effectively no-risk to “support the development of a more efficient domestic money market,” according to a European Bank for Reconstruction & Development (EBRD) statement. “The new benchmark, the Cairo Overnight Interbank Average (CONIA), was developed by the Egyptian Money Market Contact Group (MMCG), which brings together the central bank, commercial banks and the EBRD. CONIA reflects rates on interbank transactions that are virtually [no-risk] because of their very short tenors.” The benchmark is meant to help spur “the development of a broader set of products for financial sector participants and improve the resilience of the capital markets and the overall economy,” the statement reads.