Fatshimetrie: Egyptian pound stability against the US dollar in December 2024
Over the weekend, the Egyptian pound showed renewed stability against the US dollar, maintaining its recent decline as evidenced by the exchange rates of 17 banks.
This stability comes in parallel with the decision of the Monetary Policy Committee of the Central Bank of Egypt, taken on Thursday, to keep interest rates unchanged. The overnight deposit rate remained at 27.25% and the lending rate at 28.25%, marking the latest interest rate decision for the year 2024.
In an exceptional move on March 6, the Central Bank had increased interest rates by 600 basis points, bringing the overnight deposit and lending rates to their current levels. In addition, the main operation, credit and discount rates were raised to 27.75%.
The evolution of the dollar exchange rates:
This stability observed in currency exchanges between the Egyptian pound and the US dollar is of capital importance in the current context of the country. It reflects the renewed strength of the national currency and the confidence of investors and economic actors in the Egyptian economy.
The decision to keep interest rates unchanged is part of a desire to consolidate this stability and promote an environment conducive to economic growth and investment. This stability of exchange rates also contributes to containing inflation and preserving the purchasing power of citizens.
In conclusion, the Egyptian pound maintains its position against the US dollar, thus offering a positive outlook for the national economy. This stability is the result of effective financial management and a prudent monetary policy conducted by the Egyptian authorities.