Inflation ( CCPI)1.7% (June 2024)
GDP5.3% (1Q 2024)
Unemployment4.3% (4Q 2023)
3M T-Bill Rate9.55%
12M T-Bill Rate10.07%
2Y T-Bond Rate10.55%/ 10.65%
4Y T-Bond Rate11.80% / 11.85%
USD/LKR303/304
Reserves $5.6Bn (June 2024)
Cum. Trade Deficit $2,180 Mn (May 2024 cumulative)
Cum. Fiscal DeficitLKR 361Bn (April 2024)

Egypt hike interest rates and devalue the currency after reaching SLA with IMF

InternationalOct 31, 2022
Egypt hike interest rates and devalue the currency after reaching SLA with IMF

Egypt's move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy, IMF stated after reaching the SLA with Egypt. The Egyptian pound already devalued by 24% before adopting flexible FX.

Egypt has been struggling to cope with the impact of the war in Ukraine, which led to rapid outflows of portfolio investments, a hike in the commodity import bill, and a drop in tourism revenues.

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