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Gold prices rise by 37 pounds, and 21 karat records 1175 pounds per gram


Today, gold prices are witnessing a big jump, reaching 37 pounds, to record the price of 21 karat gold, which amounted to 1175 pounds per gram, against the background of the interest rate hike of 2%.


Gold prices today:

Carat 18 recorded 1007 pounds.

21 caliber recorded 1175 pounds.

24 carat record 1343 pounds.

The gold pound is 9400 pounds.

The local gold market has witnessed several changes since the beginning of this week, with prices recording a clear fluctuation between ups and downs due to supply and demand factors, as well as changes in the prices of an ounce of gold on the global stock exchange.

The central bank said in a statement today that the global economy has faced many shocks and challenges that it has not witnessed for years, as it has been exposed to global markets recently to the spread of the Corona pandemic and closure policies, then followed by the Russian-Ukrainian conflict, which had severe economic repercussions, and this caused Pressure on the economy as it faced an outflow of capital from foreign investors as well as a rise in commodity prices.

In light of the above, reform measures have been taken to ensure macroeconomic stability and achieve economic growth, so the exchange rate will reflect the value of the Egyptian pound against international currencies.

In order to support the medium-term price stability objective, the Monetary Policy Committee decided in its extraordinary meeting to raise the overnight deposit and lending rates and the central bank’s main operation rate by 200 basis points to reach 25.13%, 25.14% and 75.13%, respectively.

The credit and discount rate was also raised by 200 basis points to reach 75.13%.

It is expected that the increase in global and local prices will lead to a higher general inflation rate than the target by the Central Bank of 7 (±2%) on average during the fourth quarter of 2022.

The Committee emphasizes that the objective of raising interest rates is to contain the inflationary pressures caused by the demand side, the high growth rate of domestic liquidity, inflationary expectations and the secondary effects of supply shocks.

The Monetary Policy Committee will continue to announce the inflation targets that started in 2017, consistent with the targeted downward path of inflation rates.

Today, Banque Misr raised the interest rate for issuing the summit certificate for a period of 3 years, with an annual return of 17.25%, and the return is disbursed annually. From today, this applies only to new or automatically renewed certificates, and the bank issued the certificate at a rate of 16.25% annually on a quarterly return periodicity.

The certificates can be purchased from any of the bank’s branches, which number more than 800 branches and banking units spread throughout the Republic, or through the BM Online banking mobile application, and the ATMs, which number more than 4,000 machines.

Banque Misr is always keen to satisfy customers, meet their desires and banking needs, and work on the permanent development of its existing savings vessels and the development of everything new and commensurate with these needs.

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The National Bank of Egypt also decided to issue a platinum certificate for a period of 3 years, with an annual return of 17.25%, and the return is disbursed annually. for new or automatically renewed certificates.

The bank also issued the same certificate at a rate of 16.25% per year on a quarterly return periodicity, and at a rate of 16.50% annually on a semi-annual return periodic.

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