The price of the Kuwaiti dinar rose against the Egyptian pound, reaching the highest level in Egyptian banks today, on Monday.
The overall appreciation of the Kuwaiti dinar in 3 trading days for banks, from last Wednesday until the end of the day, reached about 8 pounds, and the Kuwaiti currency in some banks exceeded the mark of 92 pounds.
At the Arab Investment Bank it increased by about one pound and 30 piastres, at the Al-Ahly bank in Kuwait it increased by two pounds, and at the Credit Agricole bank it increased by one and a half pounds, exceeding 92 pounds.
The Central Bank of Egypt decided on Thursday, December 22, to raise interest rates by 300 basis points, or 3%, after the meeting of the Monetary Policy Committee.
The overnight deposit, lending and transaction rates were raised to 16.25%, 17.25% and 16.75% respectively, while the lending and discount rates were raised by 300 basis points to 16.75%.
The Central Bank of Egypt is raising interest rates to curb inflation, which is currently high at 21% according to the latest inflation reports released by the Central Bank, and this affects assets in the citizens’ portfolio in different ways.
Source: Cairo 24
