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raise the interest rate


The Central Bank of Egypt raised the interest rate by 300 basis points; To contain inflation pressures, aiming to reach an average of 7% (±2% percentage point) during the fourth quarter of 2024, and 5% (±2% percentage point) on average during the last quarter of 2026. Experts stressed the need to control on the exchange market by issuing high-yield short-term savings certificates; to attract citizens' savings, and to measure foreign exchange reserves; To meet the demand for the dollar to stop speculation on it.


The meeting of the Monetary Policy Committee of the Central Bank of Egypt, on Thursday evening, is the last meeting of the committee in 2022. Throughout the year, the committee raised the interest rate by 800 basis points, to become the price of one-night deposit and lending returns and the price of the main operation of the Central Bank 16.25%, 17.25%, 16.75%, Respectively, the credit and discount rates were raised to 16.75%.



Banking expert Hani Aboul Fotouh said that the central bank raised the interest rate by 3% once, with the aim of increasing the attractiveness of the Egyptian pound to reduce pressure on it against foreign currencies, by increasing the inflows of Egyptians abroad following the increase in the return rate on the pound, although the real interest rate is still negative.


Aboul Fotouh expected that this step - meaning the interest rate - would be followed by moving the pound against the dollar, and a commitment to a permanent flexible exchange rate in accordance with the agreement with the International Monetary Fund, in addition to offering high-yield savings certificates by some government banks.


Last Friday, the International Monetary Fund agreed to lend Egypt $3 billion as part of a program to reform the Egyptian economy, which included a permanent shift to a flexible exchange rate regime and a reduction in inflation rates.



The Central Bank decides to raise interest rates on deposits and lending by 3%



Central Bank Decisions.. The Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting today, Thursday, to raise interest rates on deposits and lending for one night, and the rate of the main operation of the Central Bank by 3%, to 16.25%, 17.25%, and 16.75%, respectively.

 

The Central Bank of Egypt decided to raise the credit and discount rate at 16.75%.

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