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Why Egypt Could Be In The Path Of Turkey s Currency Crisis
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How is Egypt navigating the twin threats of high global inflation and capital flight from emerging markets?
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CBE Sets New Date for Reviewing Key Interest Rates CBE Sets New Date for Reviewing Key Interest Rates
The Central Bank of Egypt (CBE) decided to bring forward the date of the next meeting of the Monetary Policy Committee (MPC) to review key interest rates on Wednesday, April 28, due to the Sinai Liberation Day holiday.
MPC decided in its last meeting in March to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25%, 9.25%, and 8.75%, respectively. The discount rate was also kept unchanged at 8.75%.
It kept rates unchanged for the third time in a row at Nov. 2019 rates.
The Egyptian economy is still in a major crisis
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CAIRO: Egypt’s net foreign reserves rose to $40 billion in December 2020, the largest since the outbreak of the coronavirus disease pandemic, according to figures issued by the country’s central bank.
Foreign reserves had dropped since March from a previous high of more than $45 billion. The Central Bank of Egypt said on its website that the new reserves amounted to $40.62 billion, compared to $39.221 billion in November 2020.
Informal reserves also increased in December by $1.2 billion to $11.04 billion, the highest since March 2020.
The central bank said that foreign currency balances rose to $35.399 billion at the end of December compared to $35.035 billion at the end of November, while gold balances increased to $4.39 billion compared to $4.082 billion, and special drawing rights rose to $279 million in comparison to November’s $110 million.