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Central Bank of Egypt hikes key interest rates by two per cent. www.theexchange.africa

Central Bank of Egypt hikes key interest rates by 2%

Industry and Trade

The CBE also announced in a statement that it will begin a process of phasing out Letters of credit (LCs) for import finance by December 2022.

Egyptian Prime Minister Mostafa Madbouly announced an exceptional bonus to public employees and pensioners of the state administrative apparatus and state-affiliated companies at a value of EGP 300 to meet the cost of living. The government also froze household electricity prices through June 2023.

The National bank of Egypt (NBE) issued new three-year-maturity saving certificates with an annual yield of 17.25 per cent.

Banque Misr also has raised the annual yield of the three-year saving certificates to 17.25 per cent.…