National Bank announced andEgypt In a statement today, it announced it was offering a savings certificate yielding 25% per annum, in a move that often indicates intent Central bank Currency devaluation.
Al-Ahly Bank and Egypt Bank had previously issued certificates with a 20% yield after launching the Egyptian pound in 2016, in order to enhance the Egyptian pound’s attractiveness and reduce dollarization.
Egypt suffers from a severe foreign exchange shortage despite the devaluation of the Egyptian pound and the announcement of a $3 billion support package from the International Monetary Fund. A shortage of dollars limited imports of factory inputs and retail trade.
And last December, the central bank raised interest rates by 300 basis points in one go, in a surprising move, to curb inflation, which hit its highest level in about 5 years.
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And it was traded pound Before that, at £24.70 per dollar.
National Bank announced andEgypt In a statement today, it announced it was offering a savings certificate yielding 25% per annum, in a move that often indicates intent Central bank Currency devaluation.
Al-Ahly Bank and Egypt Bank had previously issued certificates with a 20% yield after launching the Egyptian pound in 2016, in order to enhance the Egyptian pound’s attractiveness and reduce dollarization.
Egypt suffers from a severe foreign exchange shortage despite the devaluation of the Egyptian pound and the announcement of a $3 billion support package from the International Monetary Fund. A shortage of dollars limited imports of factory inputs and retail trade.
And last December, the central bank raised interest rates by 300 basis points in one go, in a surprising move, to curb inflation, which hit its highest level in about 5 years.
