No Result
View All Result
Thursday, February 2, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Egypt’s Central Bank Raises Key Interest Rates By 1.5 Pct.

bycitibusinessnews
March 21, 2016
in Africa, North Africa
Share on FacebookShare on TwitterShare on Whatsapp

Cairo — Egypt’s central bank raised the key interest rates by 1.5 per cent (150 basis points) during its Monetary Policy Committee meeting on Thursday.

This comes after the Central Bank of Egypt (CBE) devalued the Egyptian pound on Monday by 14.5 per cent, such that the Egyptian pound reached 8.85 against the dollar instead of 7.73. On Wednesday, the Egyptian pound was raised 7 piasters, to reach EGP 8.78 against the dollar.

The Monetary Policy Committee (MPC) raised the overnight deposit rate to 10.75 per cent from 9.25 percent and raised the overnight lending rate from 10.25 per cent to 11.75 per cent, according to a statement.

ADVERTISEMENT

This is the second time the key interest rates are raised since Central Bank Governor Tarek Amer took office in November.

In December, key interest rates were raised by 50 basis points. The overnight deposit rate was raised from 8.75 per cent to 9.25 per cent and the overnight lending rate was raised from 9.75 per cent to 10.25 per cent.

Five banks had expected the CBE to significantly increase the interest rates in today’s MPC meeting with the aim of curbing inflation, inhibiting ‘dollarisation’ and attracting foreign investment in government debt instruments.

EFG-Hermes, Beltone Financial and Prime Holding had expected an increase of 1 per cent, while CI Capital expected a raise of 0.5-1 per cent and UAE’s Argaam Capital expected an increase of 0.75 per cent.

The monthly inflation rate had climbed by 1.1 per cent in February compared to the month before, triggered by a hike in prices of rice, poultry, vegetables, sugar, oils and water. However, the annual inflation rate has decreased from 10.7 per cent in January to 9.5 per cent.

Egypt has been facing mounting pressure to devalue the currency and has been rationing dollars to keep the pound artificially strong at 7.7301 pounds. It has indirectly raised interest rates and injected dollars into the banking sector to relieve the pressure on the currency, Reuters reported earlier.

–

Credit: All Africa

Related Posts

Africa

$130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

bycitibusinessnews

Vice president Dr. Mahamudu Bawumia has disclosed that Africa will need between US$130 billion and US$170 billion annually to propel...

Read more

Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

Nigeria’s national debt hits an all time as the country struggles with repayment

What does 2023 hold? Predictions in payments for the year ahead for Africa

EIU analysts forecast grim economic outlook for Africa in 2023

AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

Next Post

FPSO shut down will not lead to dumsor- Power Ministry

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.