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Egypt nets $80bn inflows since currency float - CBE

Egypt nets $80bn inflows since currency float - CBE
The current interest rate is attractive for investors

Cairo – Mubasher: The volume of foreign inflows at banks rose to $80 billion (EGP 1.41 trillion) since the liberalisation of the exchange rate in November 2016, Central Bank of Egypt’s (CBE) deputy governor Gamal Negm said.

The current interest rate is attractive for investors, Negm told state-run news agency MENA.

On 29 March, the Monetary Policy Committee (MPC) of the CBE decided to slash key interest rates by 100 basis points or 1%.

The overnight deposit and lending rates now stand at 16.75% and 17.75%, respectively, while the main open market rate amounted to 17.25%.