Central Bank of Egypt raises interest rates by 100 bps

CAIRO, 3rd August, 2023 (WAM) — The Central Bank of Egypt raised overnight interest rates by 100 basis points on Thursday in a surprise move, saying it sought to contain inflationary pressures and anchor inflation expectations, Reuters reported.

The lending rate was increased to 20.25 percent and the deposit rate to 19.25 percent, the bank’s Monetary Policy Committee said in a statement.