Interest Rates
The discount rate was also kept at 18.75 percent.
Egypt’s Central Bank (CBE) raised on Wednesday the interest rates by 2 percent; reaching the highest level since July 2017.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 16.25 percent, 17.25 percent, and 16.75 percent, respectively.
Qatar, on the other hand, kept its interest rate unchanged.
The Federal Reserve raised interest rates by half a percentage point Wednesday and signaled plans to keep raising them more in 2023, capping off one of the most aggressive years in the central bank’s history, The Washington Post reported.
The discount rate was also raised to 16.75 percent.
Most of the expectations of economists and investment banks point to the Central Bank's direction for a new hike by about 100 points to 200 points.
By 11 PM Cairo time, the benchmark EGX30 rose 4.32 percent, reaching levels of 11,009 points.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were raised to 13.25 percent, 14.25 percent, and 13.75 percent, respectively. The discount rate was also kept raised to 13.75 percent.
Al Ahly Pharos Securities Brokerage stated that the inflation as a sole factor did not urge the CBE to raise the interest rates.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 11.25 percent, 12.25 percent, and 11.75 percent, respectively. The discount rate was also kept unchanged at 11.75 percent.
Furthermore, the Qatar Central Bank also announced raising the lending interest rate by 75 basis points to 4.5 percent, and decided to raise the deposit interest rate by 75 basis points to 3.75 percent.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 11.25 percent, 12.25 percent, and 11.75 percent, respectively. The discount rate was also kept unchanged at 11.75 percent.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 11.25 percent, 12.25 percent, and 11.75 percent, respectively. The discount rate was also kept unchanged at 11.75 percent.
The discount rate was also kept unchanged at 11.75 percent.
The CBE’s decision comes in light with Fitch credit rating agency’s expectations that the central bank would raise interest rates at the Monetary Policy Committee’s meeting.
The discount rate was also raised by 100 bps to 9.75 percent.
It attributed its anticipation to the increase of inflation Egypt witnessed during February to hit 10 percent, compared to 4.9 percent in the same month of 2021.
The MPC decided that keeping policy rates unchanged remains consistent with achieving the inflation target of 7 percent (±2 percentage points) on average in 2022 Q4 and price stability over the medium term.
The MPC decided that keeping policy rates unchanged remains consistent with achieving the inflation target of 7 percent (±2 percentage points) on average in 2022 Q4 and price stability over the medium term.
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