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CBE drops cash cover requirement for key food products for a year

CBE drops cash cover requirement for key food products for a year
The CBE slashed interest rates by 300 basis points

Cairo – Mubasher: The Central Bank of Egypt (CBE) has directed banks to exempt key food products from the 100% cash cover requirement for a year until 15 March 2021.

The essential foods products to be exempted from the requirement include rice, lentils, and fava beans, according to a statement late on Monday.

Meanwhile, the CBE's Monetary Policy Committee (MPC) delivered a surprise interest rate cut of 300 basis points (bps) during an emergency meeting.

These measures are in line with the government's efforts to support the Egyptian economy amid the rising concerns over the spread of the new coronavirus.