Egyptian Central Bank raises interest rates by 1%

The Monetary Policy Committee of the Central Bank of Egypt decided, at its meeting today, Thursday, to raise the key interest rates by 100 basis points. The Central Bank stated in a press release that the committee decided to raise the overnight deposit and lending rates, as well as the Central Bank’s main operation rate, to 20%, 21%, and 20.5%, respectively. The credit and discount rate was also raised to 20.5%. The release clarified that this decision comes amid an “unfavorable external environment and rising uncertainty,” and aims to “anchor expectations and maintain the downward trajectory of inflation.”