Archive for March 21st, 2022

Central Bank Watch

First Egyptian Central Bank Rate Hike in Nearly Five Years

March 21, 2022

At an unscheduled meeting, monetary officials in Egypt raised their overnight deposit rate by a full percentage point to 9.25%. That was its first tightening since a hike to 18.75% from 16.75% in July 2017 and the first rate change since a pair of 50-basis point reductions in September and November 2020. At the outset […] More

New Overnight Developments Abroad - Daily Update

China Plane Crash, Japanese Holiday, No Let-Up in Ukraine Clash, and a Percentage Point Hike in Egypt’s Central Bank Interest Rate

March 21, 2022

The dollar rose overnight by 0.4% against sterling and the Aussie dollar, 0.2% versus the Canadian dollar, 0.2% relative to the Canadian dollar, and 0.1% against the Swiss franc, euro, peso, and Turkish lira. With Japanese domestic markets closed for the Vernal Equinox, dollar/yen has remained steady. Capital controls continue to stabilize the Russian ruble […] More