Egypt's central bank raises interest rates by 600 bps
STORY: Egypt's central bank raises interest rates by 600 bps
SHOOTING TIME: earlier footage
DATELINE: March 7, 2024
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 the National Bank of Egypt
4. various of Banque Misr
STORYLINE:
The Central Bank of Egypt (CBE) raised its interest rates by 600 basis points (bps) on Wednesday and said it would allow the exchange rate to be determined by the market in a bid to ensure a smooth transition to a flexible inflation targeting regime.
In a statement, the central bank raised the overnight lending rate to 28.25 percent, its overnight deposit rate to 27.25 percent, and the rate of the main operation to 27.75 percent.
The CBE decided to accelerate the monetary tightening process in order to fast-track the disinflation path and ensure a decline in underlying inflation.
Egypt's annual inflation figures, despite recent declines, are expected to remai
- Product Code
- ILEA002426102
- Registered date
- 2024/3/07 00:00:00
- Credit
- Xinhua / Kyodo News Images
- Media source
- Xinhua News Agency.All Rights Reserved
- Media size
- 1920 × 1080 pixel
- Deployment size
- 58.02(MB)*
*File size when opened in Photoshop, etc.