{"id":3607,"date":"2022-10-27T08:16:42","date_gmt":"2022-10-27T08:16:42","guid":{"rendered":"https:\/\/shalakany.com\/ar\/?p=3607"},"modified":"2023-07-26T08:18:19","modified_gmt":"2023-07-26T08:18:19","slug":"egypts-central-bank-hikes-key-interest-rates-by-2-and-currency-slides-to-record-low","status":"publish","type":"post","link":"https:\/\/shalakany.com\/ar\/2022\/10\/27\/egypts-central-bank-hikes-key-interest-rates-by-2-and-currency-slides-to-record-low\/","title":{"rendered":"Egypt\u2019s Central Bank Hikes Key Interest Rates by 2% and Currency Slides to Record Low"},"content":{"rendered":"<p>In an exceptional unscheduled meeting convened on October 27<sup>th<\/sup>, 2022, the Central Bank of Egypt (\u201c<strong>CBE<\/strong>\u201d) lifted the deposit and lending rate by 200 bps to reach 13.25% for the overnight deposit rate and 14.25% for the overnight lending rate.<\/p>\n<p>&nbsp;<\/p>\n<p>In a statement released on Thursday morning, the CBE stated that the decision is primarily designed to offset rising inflation, which passed 15% in September this year, and to contain the demand-side pressures.<\/p>\n<p>&nbsp;<\/p>\n<p>The statement also provided that the CBE had moved to a durably flexible exchange rate regime, leaving the forces of supply and demand to determine the value of the Egyptian pound (\u201c<strong>EGP<\/strong>\u201d) against other foreign currencies.<\/p>\n<p>&nbsp;<\/p>\n<p>Shortly, following the CBE decision, the EGP dropped in value against the U.S dollar (\u201c<strong>USD<\/strong>\u201d) for more than 14% from around EGP 19.75 to USD 1 to EGP 22.5 to USD 1. This drop in value led to record the lowest value of the EGP against the USD in history.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an exceptional unscheduled meeting convened on October 27th, 2022, the Central Bank of Egypt (\u201cCBE\u201d) lifted the deposit and lending rate by 200 bps to reach 13.25% for the overnight deposit rate and 14.25% for the overnight lending rate. &nbsp; In a statement released on Thursday morning, the CBE stated that the decision is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-13","entry","has-media"],"_links":{"self":[{"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/posts\/3607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/comments?post=3607"}],"version-history":[{"count":2,"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/posts\/3607\/revisions"}],"predecessor-version":[{"id":3610,"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/posts\/3607\/revisions\/3610"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/media\/3608"}],"wp:attachment":[{"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/media?parent=3607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/categories?post=3607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shalakany.com\/ar\/wp-json\/wp\/v2\/tags?post=3607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}