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Egyptian Pound saw a decline of over 14% against the US Dollar in October
Posted on November 1, 2022 |
- The Egyptian Pound fell by over 14% EGP 22.8 against the dollar in October, reaching an all-time low while Egypt secured a loan from the IMF amid major economic strife.
- This drop is after a depreciation in March, which saw the pound fall to an initial 14%, and to bring Egypt’s trade deficit to a moderate level, the pound needs to weaken to EGP 24.6 per USD 1.
- The Central Bank of Egypt (CBE) declared a 2% hike in interest rates for Q4 2022, raising lending rates to 14.25%, and deposit rates to 13.25% respectively, which aims to keep the CBE’s mandate of assuring price stability in the local market over the medium term.
- Egypt earlier in the week, increased the minimum wage pay for public employees from EGP 2,700 ($118.6) to EGP 3,000 ($131.8) which will benefit over 10.5 million pensioners.