In a surprise move, the Central Bank of Egypt raised its overnight interest rates by 100 basis points on Thursday. The bank cited its objective to contain inflationary pressures and anchor inflation expectations as the reason behind the rate hike.
According to a report by Reuters, the lending rate was increased to 20.25 percent, while the deposit rate was raised to 19.25 percent. The decision was announced by the bank’s Monetary Policy Committee through a statement.
