The Central Bank of Egypt cut its key interest rates by 50 basis points. The move is to support an Egyptian economy that dropped by 1.7% in Q2 this year, the Monetary Policy Committee MPC said on November 12.
Due to restriction measures imposed to control the propagation of the coronavirus pandemic, the high growth recorded in recent years only reached 3.6% in FY2019-20, against 5.6% the previous year. While growth slumped, inflation rose. It jumped to 4.5% in October 2020, compared with 3.7% in September 2020 and 3.4% in August 2020. However, the Central Bank said, the inflation is expected to stay below the 6% cap forecasted for the year.
“The reduction in key policy rates […] provides appropriate support to economic activity while remaining consistent with price stability over the medium term. Annual inflation rates continued to reflect moderate inflationary pressures,” the MPC said.
Moutiou Adjibi Nourou
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...
As work on the first phase of the Ahmed Sékou Touré International Airport expansion continues, Guinean authorities have announced their intention to move...
• Loulo-Gounkoto mine remains shut as Mali’s administrator seeks to restart it by selling stored gold• Barrick halted operations in January over export...
Hive Coega has officially entered its construction phase, with tenders now out for its core infrastructure. This milestone comes four years after the...
Côte d’Ivoire, the world’s leading cocoa producer, has set an ambitious target: to process 100% of its cocoa crop at the first stage by 2030. While the...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...