Egypt..Announcing important measures related to the price of the “pound”

The Central Bank of Egypt decided to allow the liberalization of the exchange rate of the pound and move in accordance with market mechanisms.

The Central Bank of Egypt stressed in a statement that unifying exchange rates in the country is crucial, saying that it will allow the exchange rate to move according to market mechanisms.

He stressed that unifying the exchange rate is a very important measure, as it contributes to eliminating the accumulation of demand for foreign exchange following the closing of the gap between the official and parallel market exchange rates.

He explained that, as part of its keenness to fulfill its assigned role in protecting the requirements of sustainable development, the bank affirms its commitment to maintaining price stability in the medium term.

The bank stressed that, to achieve this, the central bank is committed to continuing its efforts to shift towards a flexible framework for targeting inflation, by continuing to target inflation as the nominal basis of monetary policy while allowing the exchange rate to be determined according to market mechanisms.

The head of the Federation of Egyptian Banks and the head of the Banque Misr, Mohamed El-Atreby, described the Bank of Egypt’s decision to liberalize the pound’s exchange rate as a “bold decision,” stressing that it would completely eliminate the so-called “parallel market for the dollar.”

The Central Bank of Egypt announced earlier today that it raised the overnight deposit and lending rates, and the rate of the Central Bank’s main operation, by 6 percent, by 600 basis points, to reach 27.25 percent, 28.25 percent, and 27.75 percent, respectively. The rate was also raised. Credit and debit increased by 600 basis points to 27.75 percent.

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