Egypt and the International Monetary Fund (IMF) are in the final stages of discussions concerning the continuation of the country’s loan programme, Managing Director Kristalina Georgieva revealed on 2 February. "We are in this very last stretch when we are working on the details of implementation. We are very close. So we are not talking
The Central Bank of Egypt (CBE) announced a two percent increase in interest rates on Thursday, 1 February, marking the first hike since August 2023. The overnight lending and deposit rates now stand at 22.5 percent and 21.25 percent, respectively. Despite persistent inflation, rates had remained unchanged for several months, with the average inflation rate
Egyptian state-owned bank, Banque Misr, released a new debit card that allows US dollar transactions up to USD 20,000 (EGP 618,058) per month, according to an Ahram Online report published on 30 January. The Visa Platinum card, which also works domestically, allows for a daily limit of USD 1,000 (EGP 30,902) and is valid up
The Egyptian pound's depreciation in the black market reached a new historical high this week, surpassing 70 EGP against the US Dollar, which is over 50 percent of the official rate. Despite remaining anchored at 30.80 EGP per USD since the last Central Bank adjustment in January 2023, the official exchange rate faces growing pressure