Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to cancel the Monetary Policy Committee (MPC) meeting that was scheduled to take place on Thursday, 24 March.
The CBE attributed the decision to the sufficiency of the special MPC meeting which occurred on Monday, 21 March, according to an official statement.
Egypt, through the CBE, has raised interest rates by 100 basis points earlier on 21 March amid the re-emergence of global inflationary pressures as well as other factors.
Following the 1% hike in interest rates, the US dollar exchange rate increased against the Egyptian pound to over EGP 17 for buying and selling at both the National Bank of Egypt (NBE) and Banque Misr. It is noteworthy to highlight that the two local banks will be issuing saving certificates at an annual interest rate of 18%.
Gold prices in Egypt also hiked by over EGP 70 per gram on Monday in line with the surge in the US-EGP exchange rate.
