Central bank hikes interest rates by 2%

Central bank hikes interest rates by 2%

The Central Bank of Egypt decided on Thursday evening to raise interest rates by two percent, in the first hike since August 2023.  The overnight lending and deposit rates were raised to 22.5 percent and 21.25 percent respectively by the decision. Interest rates have remained steady for months despite rampant inflation in the country, with the average rate reaching a record 34 percent over the course of 2023. Prices skyrocketed […]

The post Central bank hikes interest rates by 2% first appeared on Mada Masr.The Central Bank of Egypt decided on Thursday evening to raise interest rates by two percent, in the first hike since August 2023. 

The overnight lending and deposit rates were raised to 22.5 percent and 21.25 percent respectively by the decision.

Interest rates have remained steady for months despite rampant inflation in the country, with the average rate reaching a record 34 percent over the course of 2023. Prices skyrocketed further in the beginning of 2024.

Aside from the question of tackling inflation, anticipation accompanied the central bank’s monetary policy committee’s scheduled meeting this week as the country awaits news of when it can expect the next devaluation of the Egyptian pound.

An International Monetary Fund delegation is currently in