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UPDATE 3
The Prime Minister, announced, at a press conference at the Cabinet headquarters, that an agreement was reached at the expert level on reform policies, improving stability, and improving the ability of the Egyptian economy to face crises.
Finance Minister: The agreement is a total of $9 billion, including $3 billion from the IMF, $1 billion from the Sustainability and Resilience Fund, and $5 billion from international partners.
Source: Youm7 - EconomyPlus
UPDATE 2
Equities are rebalancing with new currency exchange rates below our market screener table for top equities with prices near 52 week high price kindly if you need more data, CLICK HERE
UPDATE 1
Central Bank of Egypt (CBE) moved to a durably flexible exchange rate regime, leaving the forces of supply and demand to determine the value of the EGP against other foreign currencies
CBE will begin gradually repealing Letter No. 49 of February 13th, 2022, which mandated the use of Letters of Credit for import finance. The CBE will ensure the completion of removal by December 2022.
In order to uphold the CBE’s mandate of ensuring price stability over the medium term, the Monetary Policy Committee (MPC) has decided in its special meeting to raise the overnight deposit rate, the overnight lending rate and the rate of the main operation by 200 basis points to 13.25 percent, 14.25 percent, and 13.75 percent, respectively. The discount rate was also raised by 200 basis points to 13.75 percent.
National Bank of Egypt and Bank Misr issue new CD's as follow
Maturity | Rate% |
3 Years Monthly Payment | 16% |
3 Years Quarterly Payment | 16.25 |
3 Years Yearly Payment | 17.25% |
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