The EPC issued on Thursday pronouncing reform measures to ensure macroeconomic stability and achieve sustainable and comprehensive economic growth, through the floating of the Egyptian pound.
Egypt first devalued its currency by 48% in 2016, allowing it to freely comply with a key request from the International Monetary Fund for a three-year, $12 billion loan.
The EPC announced the devaluation of the Egyptian pound for the time being in March up to 17%.
On October 1, the EPC raised the reserve ratio in banks from 14% to 18%.
It showed in its regular bulletin that this resolution contributes to curbing the policy it pursues.
At its meeting on Thursday, the EPC’s policy committee improved the bank’s overnight deposit and loan rates and main transaction rate by 25. 11%, 25. 12% and 75. 11%, respectively.
The credit and reduction rate also remained at 75. 11%.
The bank also opted to increase the percentage of money reserves that banks are bound to the EPC to 18% instead of 14%.