Books – Ahmed Yaqoub
Sunday, March 10, 2024 12:39 PM
The doctor said Mohamed Maait, Minister of FinanceToday, Sunday, in response to “The Seventh Day” question, the duration of the International Monetary Fund’s loan program with Egypt worth $8 billion extends over a period of 3 years.
The Minister of Finance added, during a press conference, that the first tranche of the International Monetary Fund loan will be disbursed following the approval of the Executive Board of the International Monetary Fund during the coming period.
The Central Bank of Egypt stressed its commitment to maintaining price stability in the medium term. To achieve this, the Central Bank is committed to continuing its efforts to shift towards a flexible framework for targeting inflation, by continuing to target inflation as the nominal basis of monetary policy while allowing the exchange rate to be determined according to market mechanisms. Unifying the exchange rate is considered a very important measure, as it contributes to eliminating the accumulation of… Demand for foreign exchange following the closing of the gap between the official and parallel market exchange rates.
In its extraordinary meeting, the Monetary Policy Committee decided to raise the overnight deposit and lending rates and the Central Bank’s main operation rate by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively. The credit and discount rates were also raised by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively. 27.75%.
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