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$80 bn hard currency flow to Egypt since exchange rate liberalization - CBE top official

Deputy Governor of the Central Bank of Egypt (CBE) Gamal Negm said a total of $80 billion hard currency flowed to Egypt since the liberalization of exchange rate in 2016.

He said the current interest rate in Egypt encourages investments.

He made the remark in statements on Sunday ahead of the Arab Banking Conference "Fintech Innovations and the Future of Financial Services" which is organized by the Union of Arab Banks.

On March 29, the CBE announced lowering key interest rates by 100 basis points as inflation rate reached in February its lowest level since 2016.

Annual headline and core inflation rates continued to decline to record 14.4% and 11.9% in February 2018, after peaking in July 2017 at 33.0%  and 35.3%, respectively, the CBE said in a press release on Thursday.

The overnight deposit rate dropped to 16.75% from 17.75%, and the overnight lending rate was cut to 17.75% from 18.75%.

The rate of the central bank’s main operation and the discount rate were both cut by 100 basis points to 17.25%.

 

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