Skip to content Skip to Search
Skip navigation

Egypt central bank cancels meeting after interest rate hike

Egypt's central bank said it planned to allow the exchange rate to be determined by market forces Reuters/Mohamed Abd El Ghany
Egypt's central bank said it planned to allow the exchange rate to be determined by market forces

Egypt’s central bank has called off the meeting of its monetary policy committee (MPC) on March 28, citing the “sufficiency” of the special meeting held on March 6, during which it raised interest rates by 600 basis points. 

The overnight lending and overnight deposit rates were set at 28.25 percent and 27.25 percent at the March 6 meeting.

The Egyptian pound plunged by 55 percent on March 6 to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate. 



The central bank statement said that it planned to allow the exchange rate to be determined by market forces.

The next meeting of MPC is set for May 23, according to the central bank’s website.

Earlier this month, Egypt signed an $8 billion expanded loan agreement with the International Monetary Fund, received an $8 billion funding package from the European Union, and a $6 billion loan from the World Bank Group.

In February, the country sealed a $35 billion deal with the UAE sovereign fund ADQ by selling development rights for Ras El-Hikma on the Mediterranean coast.

Latest articles

Aircraft, Airliner, Airplane

Tunisair growth slows as costs rise

Tunisair’s revenue increased by only 3 percent year on year to TND695 million ($224 million) in the first half of 2024, as fuel costs rose and its market share shrank. Passenger numbers went up by 2 percent to 1.17 million, compared to 1.15 million a year ago, the state-run Tunis Afrique Presse reported. Average revenue […]

A cattle drive in the Pantanal region. Meat is a major component of Brazil's trade with Saudi Arabia

Brazil’s JBS to open Saudi food factory as trade ties deepen

Brazilian multinational JBS is to open a food factory in Saudi Arabia with an investment of SAR500 million ($133 million), in a further sign of the strengthening ties between the two countries. JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by […]

Architecture, Building, Convention Center

First Abu Dhabi Bank revenue rises on overseas growth

First Abu Dhabi Bank (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise. Net profit increased 3 percent to AED8.4 billion despite the impact of corporate tax, which came into effect […]