The CBE has now increased key interest rates by 5% since the start of the Russia/Ukraine conflict
The meeting was led by acting CBE Governor Hassan Abdallah, who was appointed merely hours before the session after previous governor Tarek Amer resigned yesterday
For Q1 2022, domestic economic activity saw a slowed pace of expansion, registering a preliminary growth of 5.4%, compared to 8.3% in Q4 of 2021 (the second highest real GDP growth rate since Q3 2002)
Until the start of the Russia/Ukraine conflict, Egypt’s MPC had not changed interest rates for 10 consecutive meetings
The sudden drop reminded many Egyptians of the November 2016 devaluation, which saw the pound lose nearly half of its value
