URGENT: Egypt’s central bank raises key interest rates by 100 bps
Egypt’s central bank on Thursday raised key interest rates by 100 basis points.
The Monetary Policy Committee (MPC) raised the overnight deposit rate to 20 percent, the overnight lending rate to 21 percent, and the main operation rate to 20.50 percent. The discount rate was also reduced to 20.50 percent.
The Monetary Policy Committee (MPC) decided to raise the key policy rates by 100 bps. Accordingly, the overnight deposit rate, overnight lending rate, and the rate of the main operation were raised to 20.0 percent, 21.0 percent, and 20.5 percent, respectively. The discount rate was also increased to 20.5 percent.
“This decision comes amid challenging external conditions and elevated uncertainty, and aims to keep expectations anchored and safeguard the disinflation trajectory.” the central bank said in a statement.
