Egypt raises policy rate and floats currency

Central Bank of Egypt

Egypt’s central bank raised its policy rate and floated its currency on October 27, as it announced a preliminary agreement on another International Monetary Fund package.

The Central Bank of Egypt’s monetary policy committee raised the rate by 200 basis points at an unscheduled meeting to 13.25%. The rise – the third this year – brings the total for 2022 to 500bp.

The central bank also said it had adopted a “durably flexible exchange rate regime” for the Egyptian pound.

The bank released its

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