This comes in response to the sufficiency of the special meeting held on Wednesday, March 6.
Dollar prices against the Egyptian pound exceeded EGP 50 in official markets for the first time in Egypt's history, as reported on Wednesday
Additionally, the discount rate has been raised by 600 basis points to 27.75 percent
The Central Bank of Egypt (CBE) increased the overnight deposit rate to 21.25%, the overnight lending rate to 22.25%, the rate of the main operation to 21.75%, and the discount rate was also raised to 21.75%
The Central Bank of Egypt’s (CBE) MPC meeting comes amid challenging economic pressures, as the EGP continues to depreciate in the black market – hitting EGP 70+ against the USD this week – and commodity prices continue to rise.
