The International Monetary Fund has reached a financing agreement with Egypt worth $3 billion for a period of 6 months.
In this context, Egyptian Prime Minister Mostafa Madbouly pointed out that the announcement of reaching an agreement with the International Monetary Fund is a step towards completing the economic reform program.
The Prime Minister indicated that Egypt would receive $3 billion from the International Monetary Fund, $1 billion from the Sustainability Fund, and about $5 billion from partner countries and other international institutions.
In parallel, the Central Bank of Egypt announced raising the interest rate in the decision of the Monetary Policy Committee in an extraordinary meeting, in which it raised the overnight deposit and lending rates and the price of the main operation of the Central Bank by 200 basis points, to reach 13.25%, 14.25% and 13.75%, respectively.
The Central Bank of Egypt decided to raise the interest rate (credit and discount) by 200 basis points to reach 13.75%.
The Central Bank of Egypt decided to adopt a flexible exchange rate for the pound against foreign currencies, based on the mechanism of supply and demand in the market, in line with the recommendation of the International Monetary Fund in this regard.
Source (Emirati Gulf Newspaper, Edited)
