The Central Bank of Egypt raised interest rates by 6% in an extraordinary meeting today. The Egyptian pound fell to the level of 46 against the dollar from less than 31 at the beginning of today’s trading.
Economic analysts in Egypt expect that a new move of the pound will soon be implemented, after three moves since March 2022. Meanwhile, Egypt's international bonds jumped by more than two years after the Central Bank raised interest rate. The longest-term bonds achieved the largest gains, as bonds due in 2047 recorded an increase of 2.6 cents, reaching 82.3 cents.