Gold Jewelry- Egypt Today / Samar Samir
CAIRO - 21 March 2022: Gold prices in Egypt have risen to a new historic level with the price of a gram of 21-carat gold, the most popular in the country, reaching LE 1,000.
The price of 24-carat gold recorded LE 1,147 per gram, while the price of 18-carat gold hit LE 857 per gram.
The surge came after the Central Bank of Egypt (CBE) decided to raise the interest rate.
The Monetary Policy Committee of the Central Bank of Egypt announced, in an extraordinary meeting, Monday, to raise the Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation by 100 basis points (bps) to 9.25 percent, 10.25 percent, and 9.75 percent, respectively.
The discount rate was also raised by 100 bps to 9.75 percent.
Moreover, the exchange rate of the US dollar against the Egyptian pound in the National Bank of Egypt and Egypt jumped to LE 18.15 for purchase and LE 18.25 for sale.