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The Monetary Policy Committee of the Central Bank of Egypt decided, at the end of its Thursday night meeting, to lower the overnight deposit and loan rate and the central bank’s main transaction rate by 50 basis points, or 0.5 % from 9.25% to 8.75%, from 10.25% to 9.75% and from 9.75%. % To 9.25%, respectively.
The Central Bank of Egypt added that it decided to reduce the credit and discount rate from 9.75% to 9.25%.
On Sunday, the seventh day was marked by special statements from Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, in which he said that the National Bank decided to stop issuing the annual platinum certificate with a return of 15% during one year, starting last Monday, after a committee meeting. Manage the assets and liabilities of the bank.
In times of economic slowdown and high inflation rates, Egyptians resort to investing their surpluses in safe and profitable investment havens that produce a return that absorbs inflationary effects (the high level of prices for goods and services) and these investment vessels develop financial resources through various means.
