CBE explains reasons for rising interest rates

The Central Bank of Egypt (CBE) said that raising the interest rate that went up by three percent came after global commodity price expectations declined slightly.

This is compared to the expectations presented to the Monetary Policy Committee at its previous meeting.

Many central banks abroad have now signaled that inflation rates may have peaked and begun to decline.

The Monetary Policy Committee of the Central Bank of Egypt has raised the overnight deposit rate, overnight lending rate, and the rate of the main operation to 16.25 percent, 17.25 percent, and 16.75 percent, respectively.