Stock Groups

Egypt’s central bank raises key interest rates by 200 basis points -Breaking


© Reuters. FILEPHOTO: The Central Bank of Egypt headquarters can be seen in Cairo, Egypt, on March 22nd, 2022. REUTERS/Mohamed Abd El Ghany

CAIRO, Reuters – Egypt’s central bank increased its key interest rates 200 basis points Thursday, the statement said.

According to the statement, during Thursday’s meeting of the bank’s momentary committee on policy, they increased overnight lending rates by 12.25% over 10.25%.

Additionally, the overnight deposit rate was increased to 11.25% by the committee from 9.25%.

Statement stated that the bank had also raised its discount and credit rates 200 basis points, to 11.75%.