Egypt’s central bank announced Wednesday it was raising its key deposit rate by six points to a record 27.25 percent, causing the pound to tumble, losing a third of its value within minutes.
Egypt had already devalued its currency by 50 percent between March 2022 and early 2023, as part of its commitment to the International Monetary Fund to tighten monetary policy and move towards a flexible exchange rate.
The central bank said Wednesday the rate hikes come “in line with the continuation of (its) tightening stance”.
