Egypt's central bank raises interest rates by 300 bps
The Central Bank of Egypt decided to increase key interest rates from 13.25% to 16.25% amid a sharp currency devaluation.
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“In its meeting today, the Monetary Policy Committee (MPC) decided to raise the Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation by 300 basis points to 16.25 percent, 17.25 percent, and 16.75 percent, respectively,” the bank said in a statement.
“The discount rate was also raised by 300 basis points to 16.75 percent,” the bank added. (ILKHA)
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