Central Bank of Egypt Cancels Scheduled Monetary Committee Policy Meeting on ThursdaySource: www.export-egypt.com 3/20/2024, Location: Africa |
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The Central Bank of Egypt (CBE) decided to cancel the scheduled meeting of the Monetary Policy Committee in light of the sufficiency of the special meeting of the Committee.
In an unscheduled meeting on 6 March 2024, the CBE hiked the key interest rates by an unprecedented six percent (600 bps) and floated the local currency, allowing it to be determined by market forces. As a result, the US dollar rate significantly jumped on 6 March by over 60 percent to EGP 49.5/1 USD, according to the CBE announced rates. |
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