Rafnitiv’s data reported today, Thursday, that the price of the Egyptian pound against the dollar touched its lowest levels at all at 22. 5 pounds, after the Egyptian Central Bank’s decision to raise the interest rate of 200 basis points. By 8:09 GMT, the dollar was trading at 22.5 to the pound in Egypt.
This comes after the Central Bank of Egypt announced today, Thursday, that the interest rate in the decision of the Monetary Policy Committee was raised at an exceptional meeting, in which it raised the price of the return and lending for one night and the price of the main operation of the Central Bank by 200 basis points to 13. 25%, 14. 25% and 13% 75%, respectively.
The interest rate (credit and discount) will be increased by 200 basis points to 13.75 percent by the Central Bank of Egypt.
The goal of raising rates of return, according to the central bank, is to reduce inflationary pressures brought on by the demand side, the rapid expansion of local liquidity, inflationary expectations, and the knock-on effects of offer shocks.
urgent:
According to Reuters, the value of the dollar against the pound in Egypt has increased to 22.5.
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