Governor Hassan Abdalla emphasized the severity of inflation as the most pressing challenge faced by any economy
The IMF loan has been augmented and increased to $8 billion instead of $3 billion “amid significant macroeconomic challenges that have become more complex to manage with the impact of the recent conflict in Gaza on tourism and Suez Canal receipts” the IMF statement read
Additionally, the discount rate has been raised by 600 basis points to 27.75 percent
The credit and discount rates were also raised by 100 basis points, reaching 19.75%.
The discount rate was also kept unchanged at 8.75 percent.
