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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

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    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

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    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

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

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    • Manufacturing
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    • Mining
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    • Tourism
    • Transport

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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

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

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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

bycitibusinessnews
March 21, 2016
in Africa, North Africa
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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.

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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

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