Al-Marsad newspaper – agencies: Refinitiv data showed that the Egyptian pound recorded 18.45-18.55 pounds to the US dollar in trading, Tuesday morning, down from regarding 18.27 late Monday.
On Monday, Egypt allowed its currency to depreciate from 15.7 pounds to the dollar, as it was traded at 17.42-17.52 once morest the US dollar.
The pound has been trading at regarding 15.7 to the dollar since November 2020, while the central bank raised interest by 100 basis points in a surprise meeting of the Monetary Policy Committee earlier today.
Banque Misr, the second largest government lender in the country, announced in a statement that it will issue certificates of deposit with an annual return of 18%.
The Governor of the Central Bank of Egypt, Tariq Amer, said that the new decisions related to monetary policy had very positive international reactions, explaining the importance of taking these decisions to protect the country’s financial capabilities.
Amer pointed out that these decisions had two main goals, namely preserving Egypt’s financial capabilities, as well as maintaining foreign exchange liquidity, in order to secure the needs of Egyptian society, in light of these difficult international conditions.
He noted that the central bank’s first importance is to provide liquidity, and from the point of view of monetary policy, it had to be consistent with the international requirements of international markets and our international partners, who we need to finance a large part of our needs.
He added that the movement in exchange rates was a process of correction, as the exchange rate in Egypt is liberalized, and thus reflects the monetary and economic conditions in the world and Egypt, and we are part of the world.
