عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt's Central Bank Raises Key Interest Rates by 100 Basis Points

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
TT
TT

Egypt's Central Bank Raises Key Interest Rates by 100 Basis Points

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany

Egypt's central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting, it said in a statement on Monday.

The central bank set its overnight lending rate at 10.25% and its overnight deposit rate at 9.25% citing global inflationary pressures amplified by the war in Ukraine.

The monetary policy committee had been scheduled to meet on March 24.

Egypt's pound currency traded at 17.42-17.52 against the US dollar on Monday, Refinitiv data showed.

The currency had been trading at around 15.7 pounds to the dollar a day prior.

Most Viewed

 
 
Business

GASTAT: Saudi Non-oil Exports Increased by 19.7% in November 2024

GASTAT: Saudi Non-oil Exports Increased by 19.7% in November 2024
TT
TT

GASTAT: Saudi Non-oil Exports Increased by 19.7% in November 2024

GASTAT: Saudi Non-oil Exports Increased by 19.7% in November 2024

Saudi Arabia’s General Authority for Statistics (GASTAT) released the international trade publication for November 2024, revealing a 19.7% increase in non-oil exports compared to November 2023.
The publication also highlighted an 82.9% rise in the value of re-exported goods during the same period, while merchandise exports decreased by 4.7% and imports grew by 13.9%, SPA reported.
It also showed that chemical products are among the most significant non-oil exports, accounting for 24.0% of the total, a 1.6% decrease compared to November 2023.
Plastics, rubber, and their products, which represented 21.7% of total non-oil exports, recorded a 4.0% increase compared to November 2023.
Machinery, electrical equipment and their parts accounted for 28.1% of total imports, showing a 22.4% increase compared to November 2023. Transportation equipment and their parts, representing 14.2% of total imports, also saw a 22.0% increase compared to November 2023.
The publication revealed that total exports reached SAR90.5 billion, total imports totaled SAR73.7 billion, and the trade balance stood at SAR16.8 billion.