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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
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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.

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US Excludes Smartphones, Computers from Trump’s Reciprocal Tariffs

Apple iPhone 16 are on display during the launch September 20, 2024, at the Apple Store in New York. (AFP)
Apple iPhone 16 are on display during the launch September 20, 2024, at the Apple Store in New York. (AFP)
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US Excludes Smartphones, Computers from Trump’s Reciprocal Tariffs

Apple iPhone 16 are on display during the launch September 20, 2024, at the Apple Store in New York. (AFP)
Apple iPhone 16 are on display during the launch September 20, 2024, at the Apple Store in New York. (AFP)

The Trump administration has granted tariff exclusions for smartphones, computers and other electronics imports supplied largely by China, sparing them from much of President Donald Trump's steep 125% duties.

In a notice to shippers, the US Customs and Border Protection agency published a list of tariff codes that will be excluded from the duties. The exclusions are retroactively to 12:01 a.m. on April 5.

The US CBP listed 20 product categories, including the very broad 8471 code for all computers, laptops and disc drives and automatic data processing. It also included semiconductor devices, equipment, memory chips and flat panel displays.

The notice did not provide an explanation for the Trump administration's move, but the late-night exclusion provides welcome relief to major US technology firms, including Apple Dell Technologies and countless other importers.

The move represents another step back from Trump's maximalist tariff approach, including several escalations of his duties on Chinese goods.