06
Feb
13:59
Egyptian rate hike cools forex, domestic rebar quotes
Egyptian mills have reduced their domestic rebar prices after the Monetary Policy Committee raised the benchmark deposit rate by 200 basis points to 21.25% and the lending rate to 22.25% last week. The rate hike had an expected impact on the free/black market exchange rate, which has fallen from EGP 72 per dollar to EGP 57-60, notes Kallanish.
This is Egypt’s first rate hike since last August and is highly likely to accelerate progress on a bigger rescue pac…
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Anonymous
Very good overview of the weekly steel market.
Anonymous