News

Unexpected Surge in Interest Rate by 2 Percent: CBE

Unexpected Surge in Interest Rate by 2 Percent: CBE

Several Egyptian pound notes are pictured in New York Thursday, April 28, 2005. Photographer: Daniel Acker/Bloomberg News.

The Central Bank of Egypt (CBE) has raised its benchmark interest rates by 200 basis points for the second time this year.

The Monetary Policy Committee (MPC), led by Governor Tarek Amer, of Egypt’s Central Bank raised the overnight deposit rate to 18.75 percent, a record high, the bank said on Thursday.

The lending rate was also raised to 19.75 percent, according to a statement by CBE.

“The decision is temporary and aimed at curbing inflation and maintaining the purchasing value of the pound, and it is the last dose of the antibiotic and treatment, the economy will then begin to recover,” reported by Egypt

The decision brings the total increase in borrowing costs to 700 basis points since the central bank floated the Egyptian pound against all foreign currencies in November.

Earlier in May, The Monetary Policy Committee (MPC) of Egypt’s Central Bank raised key interest rates by two percentage points to 16.75 percent, a record high. The lending rate was also raised to 17.75 percent.

Egypt to Raise Metro Ticket Prices by 2018
Sweden Celebrates its National Day in Cairo

Subscribe to our newsletter


News

Engy Adham is a Cairo-based journalist. She works as the managing editor at Egyptian Streets. She reports on social issues and arts and culture. Previously published in Daily News Egypt, Ahram Online among others. She received her bachelor’s degree in Multimedia Journalism and Political Science from The American University in Cairo. Follow her on @J_Adham_

More in News

Orascom Inks Deal to Build 500 MW Wind Farm in Egypt

Egyptian Streets14 October 2021

Egyptian Football Fans to Return to Stadiums After a 6-Year Ban

Nadine Khaled13 October 2021

‘Everything Under Control’ After Fire Engulfs Gouna Film Festival Plaza

Egyptian Streets13 October 2021

Egypt Arrests Three After 20,000+ Vaccines Found Dumped in Waterway

Mona Abdou11 October 2021

Egypt’s Big Ramy Wins Mr. Olympia Title for Second Year in a Row

Egyptian Streets10 October 2021

Egypt Announces the Third Fuel Price Increase of 2021

Nadine Khaled8 October 2021

Moushira Khattab Becomes First Female President of Egypt’s Human Rights Council

Marina Makary7 October 2021

Egypt’s Sisi Appoints 98 Women to State Council Positions

Egyptian Streets5 October 2021