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Central Bank Governor Tariq Amer confirmed today, Thursday, that Egypt is able to protect its fastest growing economy in the Middle East from the repercussions of Coronavirus, “Covid 19”.
The governor said, in a statement to the American “Bloomberg” agency, that Egypt has sufficient means to neutralize the global turmoil caused by the spread of the coronary epidemic on our economy.
The Egyptian Central Bank reduced the interest rate by 300 basis points, equivalent to 3%, which is the largest ever, after an emergency meeting, last Monday, to make my rates of return for one-night deposit and lending and the price of the main process at the level of 9.25%, 10.75% and 9.75% Respectively, the price of credit and discount is at the level of 9.75%.
The US agency noted that the Egyptian government has also allocated 100 billion Egyptian pounds ($ 6.4 billion) to combat the virus.