Cairo – Mubasher: The Central Bank of Egypt (CBE) hiked key lending rates by 300 basis points, or 3%, after free floating the pound exchange rate.
In September, the bank left key interest rates unchanged at 11.75% for overnight deposit and 12.75% for overnight lending.
The CBE decided to float the EGP exchange rate to control any manipulation in the local currency market. Accordingly, the EGP exchange rate against foreign currencies will be decided based on the market's supply and demand mechanisms.
