CBE Raises Interest Rates by 200 Points (2%)

Yesterday, March 30, Egypt’s central bank’s Monetary Policy Committee (MPC) raised the interest rates by 2% in response to the skyrocketing inflation.

Moreover, the MPC raised the overnight deposit rate to 18.25%, the overnight lending rate to 19.25%, and the main operation rate to 18.75%.

Notably, the committee had a meeting back in February, but this marks their first action in raising the interest rates this year.