Gold Division

I wrote – Sherine Salah:

The exchange rate of the dollar against the pound stabilized during Thursday’s trading, while the gold price reached record levels on the day the interest rates were raised.

Today, the Monetary Policy Committee decided to raise the interest rate by 2% on deposits and lending, in line with observers’ expectations to curb inflation (price increase).

The overnight interest rate and the rate of the main operation of the Central Bank (Cordero), after the increase, recorded 18.25% for deposits, 19.25% for lending, and 18.75% for deduction and credit, according to the central bank’s statement regarding the interest decision.

By the end of Thursday’s dealings, the price of the dollar against the pound recorded 30.84 pounds for purchase, and 30.94 pounds for sale, according to Central Bank data.

According to Naguib, the former Secretary General of the Gold Division, to Masrawy, that the price of a gram of 21 carat gold recorded 2150 pounds during Thursday’s trading.

The central bank aims to control high inflation rates, which have reached historical levels. While interest rates are the most important tools that help the Central Bank to achieve this goal.

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