Egypt raises key rates amid economic reforms to secure IMF loan

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Egypt raises key rates amid economic reforms to secure IMF loan

STORY: Egypt raises key rates amid economic reforms to secure IMF loan DATELINE: Oct. 28, 2022 LENGTH: 00:00:57 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Egypt 2. various of an accountant counting banknotes 3. various of Cairo STORYLINE: The Central Bank of Egypt (CBE) on Thursday raised interest rates by 200 basis points, as part of the country's economic reforms to secure an International Monetary Fund (IMF) loan. Egypt's Monetary Policy Committee has raised the overnight deposit and lending rates, two key interest rates, by 200 basis points to 13.25 percent and 14.25 percent respectively, while the central bank's main operation rate and discount rate are both raised by the same margin to 13.75 percent. The CBE also announced a switch to a more "durably flexible exchange rate regime, leaving the forces of supply and demand (in the international markets) to determine the value of the Egyptian pound against other foreign currencies." According to a CBE statement, the

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