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Egypt’s central bank sold a record $600 million to local lenders today to finance imports of basic commodities such as wheat after the cash-strapped government secured a $3 billion support pledge from Qatar.
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Egypt’s inflation rate eased to 7.6 percent in March, breaking a three-month acceleration that drove the central bank to raise the benchmark interest rate for the first time since 2011.
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President Mohamed Mursi’s decision to hold legislative elections starting next month was suspended by an Egyptian court, adding to turmoil since the 2011 uprising.
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Egyptians voted in favor of a constitution that opponents argued would further enshrine Islamic law and supporters said was needed to restore stability and economic growth.
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The ouster of Hosni Mubarak from Egypt’s presidency today, after protests that started Jan. 25, prompted the following comments from analysts:
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Egypt’s central bank sold $38.3 million at a currency auction today, meeting only 24 percent of the amount demanded by banks after a plunge in the nation’s currency. Dollar bonds advanced.
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Egyptian consumer prices last month posted the biggest increase in more than two years after the pound weakened to a record and foreign reserves slid.
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Masked gunmen attacked the car of Egypt’s central bank governor this morning, shooting dead an armed police guard in an incident highlighting security problems gripping the country two years after the 2011 uprising.
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Egyptian government officials are campaigning to overcome public opposition to foreign loans as they seek to reduce the highest borrowing costs since 2008. It won’t be easy.
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The Egyptian pound fell to a record after the central bank held a second dollar auction, even as President Mohamed Mursi voiced confidence the currency would soon stabilize.
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