Egypt’s central bank cancels Nov. 3 monetary policy meeting

Egypt’s central bank said in a statement on Monday that its monetary policy committee (MPC) meeting, that was scheduled on November 3, is canceled in light of the sufficiency of the exceptional meeting convened earlier last week.

The MPC convened on Thursday, October 27 as it announced raising key interest rates by 200 basis points, a “durably flexible” exchange rate, and gradually repealing the use of letters of credit for import finance system until completion of the removal process by next December.