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Central Bank of Egypt Raises Interest Rates by 2%

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Central Bank of Egypt Raises Interest Rates by 2%

The Central Bank of Egypt (CBE) announced the raising of interest rates on overnight deposits and loans by two percent on Thursday, 19 May.

According to its official statement, the Monetary Policy Committee (MPC) decided to raise the CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation by 200 basis points to 11.25 percent, 12.25 percent, and 11.75 percent, respectively.

Public speculation had been spreading recently expecting interest rates to be raised by up to two percent.

“The MPC decided that raising policy rates is necessary to contain inflationary pressures which is consistent with achieving price stability over the medium term,” the statement said.

This marks the third time that the MPC of the CBE convenes in 2022, and the second time since the start of the Russian-Ukrainian conflict.

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A journalism graduate from the American University in Dubai who is curious, spontaneous, and often rebellious, Marina is a passionate Cairo-based journalist who aspires to become one of the most influential women in the Middle East. She likes to follow her heart and express that through words; her favorite form of expression.

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