Central Bank of Egypt Raising Overnight Deposits Rate by 100 bpsSource: www.export-egypt.com 11/30/2011, Location: Africa |
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Central Bank of Egypt raising overnight deposits rate by 100 bps (basis points) and overnight lending rate by 50 bps. This was identified as the CBE first change in rates since Sept. 17, 2009. The deposit rate was set at 9.25% and the lending rate at 10.25%. The CBE has also raised its discount rate by 100 bps to 9.5%. Meanwhile, the Supreme Military Council of the Armed Forces has decided to extend the assignment of CBE's Governor, Dr. Farouk El Okdah in post for another four years term. The Council also appointed Mr. Gamal Negm and Ms. Lobna Helal as Deputy Governors.
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