{"id":28413,"date":"2012-03-20T17:59:00","date_gmt":"2012-03-20T21:59:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2012\/03\/20\/central-bank-of-egypt-cuts-rrr-200bps-to-12-00\/"},"modified":"2012-03-20T17:59:00","modified_gmt":"2012-03-20T21:59:00","slug":"central-bank-of-egypt-cuts-rrr-200bps-to-12-00","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2012\/03\/20\/central-bank-of-egypt-cuts-rrr-200bps-to-12-00\/","title":{"rendered":"Central Bank of Egypt Cuts RRR 200bps to 12.00%"},"content":{"rendered":"<div align=\"right\"><script type=\"text\/javascript\">\ntweetmeme_style = 'compact';\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/tweetmeme.com\/i\/scripts\/button.js\"><\/script><\/div>\n<p><span><span><span>The&nbsp;<\/span><a href=\"http:\/\/www.cbe.org.eg\/\" target=\"_blank\">Central Bank of Egypt<\/a><span><span>&nbsp;reduced the required reserve ratio (RRR) by 200 basis points to 12.00% from 14.00% previously. &nbsp;The Bank said: &#8220;<\/span><\/span><\/span><\/span><span><span>In light of the current liquidity situation which has emerged on the back of domestic and global developments, the CBE&#8217;s Board decided to reduce the RRR from 14 percent to 12 percent. This measure will provide permanent liquidity into the banking system and help ease credit conditions in the market<\/span><\/span><span><span><span>&#8220;<\/span><\/span><\/span><br \/><span><\/span><br \/><a name='more'><\/a><span>Previously the Bank maintained its&nbsp;<\/span><a href=\"http:\/\/www.centralbanknews.info\/2012\/02\/central-bank-of-egypt-holds-rate-at-925.html\" target=\"_blank\">interest rates unchanged<\/a><span>&nbsp;when it announced policy settings in&nbsp;February this year. &nbsp;Egypt reported annual consumer price inflation of 9.55% in December, up from 8.21% in September, 8.49% in August, 10.4% in July, compared to 11.8% in June, 11.9% in May, and down from 12.1% in April. &nbsp;The toll of the revolution was seen as&nbsp;Egypt&#8217;s gross national product contracted by 4.2% year-on-year in the third quarter of the 2011\/2012 fiscal year and investment fell 26% due to uncertainty arising from the political&nbsp;upheaval.<\/span><br \/><span><br \/>Real GDP expanded by 0.3% in Q1 2011\/2012 (0.4% in Q4 2010\/2011), full year GDP growth was 1.8% in 2010\/2011 vs 5.1% in the 2009\/2010 year. &nbsp;The Egyptian&nbsp;pound&nbsp;(EGP) has weakened about 2% against the US dollar over the past year, while the USDEGP exchange rate last traded around 6.04<\/span><\/p>\n<div><span><span><br \/> <a href=\"http:\/\/www.centralbanknews.info\/\" target=\"_blank\">www.CentralBankNews.info<\/a><\/span><\/span><\/div>\n<div><img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/blogger.googleusercontent.com\/tracker\/8290544642025682538-1409702708510235790?l=www.centralbanknews.info\" alt=\"\" \/><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Central Bank of Egypt&nbsp;reduced the required reserve ratio (RRR) by 200 basis points to 12.00% from 14.00% previously. &nbsp;The Bank said: &#8220;In light of the current liquidity situation which has emerged on the back of domestic and global developments, the CBE&#8217;s Board decided to reduce the RRR from 14 percent to 12 percent. This measure &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2012\/03\/20\/central-bank-of-egypt-cuts-rrr-200bps-to-12-00\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Central Bank of Egypt Cuts RRR 200bps to 12.00%&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-28413","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/28413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=28413"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/28413\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=28413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=28413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=28413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}