• Omar El-Gazzar, FX Dealer at Crown Agents Bank on CBE


• 22.03.2022 09:00 am
#banking

“A big morning for the Egyptian Pound today; the Central Bank of Egypt has unexpectedly raised interest rates by 100 basis points in a surprise meeting held this morning. The move comes as the world’s top wheat importer reels from the spike in commodity prices induced by the Russian invasion of Ukraine. The Central Bank also stressed a need for flexibility in the currency to ‘act as a shock absorber to preserve Egypt’s competitiveness. The comments have led to a sharp devaluation of the Egyptian pound, currently trading 10% lower than Thursday's close at 17.42”