Cairo – Mubasher: The Egyptian Exchange (EGX) indices jumped higher on Thursday early trading following the Egyptian Central Bank (CBE) announcement of floating the Egyptian pound
CBE float the pound; setting an initial rate of EGP13/USD (down 46% from the previous official rate of EGP8.88/USD), with a 10% band limit – letting banks determine the rate.
The CBE also raised the overnight deposit, lending and discount rates by 300bps to 14.75%, 15.75% and 15.25%, respectively
The benchmark index EGX30 went up 8.3% to 9,230 points.
The small and medium caps index EGX70 added 2.8% to 354.07 points, while the broader index EGX100 gained 3.65% to 838.26 points.
The market capitalization gained EGP 23 billion in Thursday early trading.
