Egypt signs Financing Agreement with IMF valued $8 bn
First Bank
On Wednesday, Prime Minister Mustafa Madbouly announced the signing of an agreement between Egypt and the International Monetary Fund to increase IMF funding to Egypt from $3 bn to $8 bn.
He added that following the decision of signing the Monetary Fund's decision to raise the value of the financing programme from $3 billion to $8 billion, as well as, loans would be provided to Egypt from the World Bank and the European Union.
This followed the Central Bank of Egypt's decision this morning to raise interest rates by 600 basis points equivalent to 6% to 27.25%.
CBE also allowed today to move the exchange rate as the exchange rate in Egyptian banks rose to EGP 50.85, while the purchase rate recorded EGP 50.75.
