On Sunday, the Central Bank of Egypt announced that net foreign reserves rose to $34.879 billion in July, compared to $34.807 billion in June.
And in early August, the Monetary Policy Committee of the Central Bank of Egypt decided in its meeting, Thursday, to raise the rates of the deposit and lending return for one night and the price of the main operation of the Central Bank by 100 basis points, to reach 19.25 percent, 20.25 percent and 19.75 percent, respectively, contrary to expectations. install it.
The credit and discount rate was also raised by 100 basis points to 19.75 percent.
According to the Central Bank’s statement, the bank’s Monetary Policy Committee decided to raise the basic interest rates by 100 basis points to avoid inflationary pressures and control inflation expectations in Egypt.
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