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Kuwaiti dinar “flies in the sky” against the Egyptian pound

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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 has increased by about one pound and 30 piastres, at the Al-Ahli Bank of Kuwait it has increased by two pounds, and at Credit Agricole it has increased by one and a half pounds to over 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

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