Responsible banking sources stated, in important and exclusive statements, confirming the Central Bank of Egypt’s intention to issue a new set of decisions in the coming days, which will be a surprise to the markets and will be a fatal blow to get rid of the black market and currency dealers in Egypt permanently and irreversibly, stressing that these decisions will uproot the market. This will help to get rid of the dollar crisis in Egypt and help in improving economic conditions significantly, and eliminate the gap in the price of the dollar against the Egyptian pound, so that the pound will regain its real value in front of the actual dollar price announced by before the official banks.
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According to the source’s statements, the Central Bank is in the process of issuing new decisions before the meeting of the Monetary Policy Committee scheduled to be held on June 22, with the aim of regulating and controlling the markets, and despite its refusal to disclose the details of these decisions, it stressed that it will be a big surprise.
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The Central Bank of Egypt is scheduled to hold a meeting of the Monetary Policy Committee on June 22 to discuss the new interest rates, and the Central Bank raised interest rates by a total of 8% during the year 2022, and the interest increased once, on February 2 of this year, by 2%.
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Interest is one of the tools used by central banks around the world to confront inflation and control rising prices. The Central Bank of Egypt aims to achieve an inflation rate ranging between 5% to 9% during the last quarter of 2024, and the rate is set to decline between 3% to 7%. percent in 2026, according to a previous report by the Monetary Policy Committee.
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This text included a decision taken by the Monetary Policy Committee of the Central Bank of Egypt at its last meeting on May 18, 2023, and the committee decided to keep the prices of the deposit and lending return for one night and the price of the main operation of the Central Bank at specific levels, and the credit and discount rate was also kept at another level. .
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Later, a delegation from the African Development Bank Group was hosted. This delegation was headed by Mr. Vincent Nimehl, Secretary General of the Group. The Governor of the Central Bank, Mr. Hassan Abdullah, received the group’s delegation at the bank’s headquarters.
The delegation of the African Development Bank Group thanked the Governor of the Central Bank for hosting the Sharm El-Sheikh meetings and considered them to be the best organization.
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Hassan Abdullah praised the role of the African Development Bank Group in promoting economic and social development in the African continent, and expressed Egypt’s readiness to provide support and cooperation with the group in achieving its goals and future projects.
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For his part, Mr. Vincent Nimehl expressed his thanks and appreciation for Egypt’s excellent hosting and excellent organization of the annual meetings, praising Egypt’s efforts in supporting development and strengthening regional and continental cooperation.
During the meeting, they discussed ways to enhance cooperation between the Central Bank of Egypt and the African Development Bank Group in various fields, such as bank financing, investment promotion, infrastructure development, and the development of the banking sector in African countries.
This cooperation aims to enhance economic integration and achieve sustainable development in the African continent, and to strengthen economic and trade relations between Egypt and the countries of the African continent, thus enhancing economic and social stability in the region.
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Mr. Vincent Nimehl, Secretary General of the African Development Bank Group, expressed his sincere thanks and appreciation to President Abdel Fattah El-Sisi, President of the Republic, and Hassan Abdullah, President of the Central Bank of Egypt, for their support and sponsorship of the group’s meetings in Sharm El-Sheikh, and he also praised the exceptional and unprecedented level of organization that Witnessed by this version of the meetings.
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Vincent Nimehl confirmed that he had participated in 7 previous editions of the annual meetings, and that this edition hosted by Egypt was distinguished by the level of superior organization and the facilitation of all equipment at the highest level, and he expressed his appreciation for the sincere efforts made by the work team at the Central Bank of Egypt to organize this event and meet the requests of all participants. .
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Vincent Nimehl also thanked Major General Khaled Fouda, Governor of South Sinai, and all the executive leaders of the governorate, for the tangible efforts that contributed to facilitating the stay of the participants and leaving a wonderful impression of the beautiful city of Sharm El-Sheikh in their memories.
He concluded by affirming that Egypt, by hosting this version of the meetings, has strengthened its pioneering reputation among the countries of the group, and provided a model for regulation to follow. He also expressed the group’s aspiration to meet Hassan Abdullah, President of the Central Bank of Egypt, in the annual meetings of 2024 that will be held. in Nairobi, Kenya.
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2023-06-04 09:25:00
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