Rates on Tuesdays:
LE24. 50 to buy
24,60 LE for sale
LE24. 54 to buy
LE24. 6 for sale
LE24. 5 to buy
24. 55 LE for sale
LE24. 50 to buy
24. 55 LE for sale
LE24. 40 to buy
LE24. 47 for sale
The EPC issued a statement on Thursday, November 3, pronouncing reform measures to ensure macroeconomic stability and achieve sustainable and comprehensive economic expansion 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 so far in March up to 17%.
On 1st October the EPC raised the reserve requirement ratio in banks from 14% to 18%.
He also showed in the regular bulletin that the resolution contributes to curbing the policy he pursues.
At its November meeting, the EPC’s Monetary Policy Committee placed the bank’s demand deposits and loans and the bank’s main transaction at 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%.