Today, Monday, the Central Bank of Egypt decided to cancel the meeting scheduled for the Monetary Policy Committee on Thursday 3 November 2022, given the sufficiency of the extraordinary meeting of the Committee last Thursday.
At the last meeting, the Monetary Policy Committee of the Central Bank of Egypt decided to raise the interest rate by 200 basis points to a rate of 2%.
It was also decided to increase overnight deposit and loan rates and the main transaction price by 200 basis points to reach 13.25%, 14.25% and 13.75% respectively. It was also decided to increase the credit and discount rate by 200 basis points to 13.75%.
Following the decision to raise interest rates and reduce the value of the Egyptian pound against the US dollar, the Central Bank of Egypt has revealed that it will adopt a flexible exchange rate system, giving priority to the primary goal of achieving price stability. . He explained that the exchange rate of the value of the Egyptian pound against other foreign currencies will change in based on the forces of supply and demand.
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