news & events
Egypt’s Central Bank Hikes Key Interest Rates by 2% and Currency Slides to Record Low

In an exceptional unscheduled meeting convened on October 27th, 2022, the Central Bank of Egypt (“CBE”) lifted the deposit and lending rate by 200 bps to reach 13.25% for the overnight deposit rate and 14.25% for the overnight lending rate.


In a statement released on Thursday morning, the CBE stated that the decision is primarily designed to offset rising inflation, which passed 15% in September this year, and to contain the demand-side pressures.


The statement also provided that the CBE had moved to a durably flexible exchange rate regime, leaving the forces of supply and demand to determine the value of the Egyptian pound (“EGP”) against other foreign currencies.


Shortly, following the CBE decision, the EGP dropped in value against the U.S dollar (“USD”) for more than 14% from around EGP 19.75 to USD 1 to EGP 22.5 to USD 1. This drop in value led to record the lowest value of the EGP against the USD in history.

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The New Amendments encouraging Public-Private Partnerships
September 20, 2022
The New Amendments encouraging Public-Private Partnerships

Following amendments that were introduced to the Public-Private Partnerships Law (the “PPP Law”) in December 2021, the Prime Minister issued Decree No. 3217 on 13 September 2022 (the “Amendment”) amending the Executive Regulations of the PPP Law issued by virtue of the Prime Minister Decree No. 238 of 2011 (the “ER”). The Amendment provides more […]

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EGX Granted the Power to Reverse Transactions
August 16, 2022
EGX Granted the Power to Reverse Transactions

In an effort to maintain the stability and security of transactions conducted on the Egyptian Stock Exchange (the “EGX”), the Financial Regulatory Authority (the “FRA”) has approved the EGX’s proposal to reverse transactions that may have violated trading rules. The EGX now has the power to request securities brokers to reverse transactions via requiring the […]

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