Egypt Foreign Exchange Reserves
Foreign assets held or managed by the Egyptian central bank are referred to as foreign exchange reserves. old or a specific currency is used as a reserve asset. Treasury bills, government bonds, corporate bonds and equities, and foreign currency loans are examples of marketable securities that can also be special drawing rights and marketable securities denominated in foreign currencies.
A higher than expected figure should be seen as positive (bullish) for the EGP while a lower than expected figure should be seen as negative (bearish) for the EGP.
News (EGP)
Egypt Central Bank Lifts Interest Rates By 600 Bps In Surprise Move
Egypt's central bank decided to raise its interest rate by 600 basis points and to allow the currency exchange rate to be determined by market forces at an emergency meeting on Wednesday, citing high inflation. The Monetary Policy Committee of the Central Bank of Egypt lifted the overnight deposit rate to 27.25 percent and the overnight lending rate to 28.25 percent.
RTTNews | 59 days ago
