Egypt's Central Bank Raises Interest Rates by 2% to Combat Inflation

On Thursday, the Central Bank of Egypt's Monetary Policy Committee made a pivotal decision to increase the overnight deposit and lending rates, along with the central bank's main operation rate, by 200 basis points.

This adjustment sets the rates at 21.25%, 22.25%, and 21.75% respectively, in a strategic move to curb inflation and stabilize the national economy. Additionally, the credit and discount rate witnessed a similar rise, reaching 21.75%.