Egypt’s Central Bank raises interest rate by 2 pct

The Central Bank of Egypt’s Monetary Policy Committee decided to raise the overnight deposit rate, overnight lending rate and the rate of the Central Bank of Egypt’s (CBE) main operation by 200 basis points, the CBE announced Sunday evening.

In a statement released by the CBE on its official website, the deposit rate, lending rate and the rate of the CBE’s main operations are increased accordingly to 16.7 percent, 17.75 percent and 17.25 percent respectively.

The statement added that the credit rate was also raised by 200 points to 17.25.