© Reuters. FILE PHOTO: Egypt’s Central Bank headquarters are seen in downtown Cairo, Egypt, March 22, 2022. REUTERS/Mohamed Abd El Ghany
CAIRO (Reuters) – Egypt’s central bank raised its key interest rates by 200 basis points on Thursday, it said in a statement.
The bank’s momentary policy committee increased the overnight lending rate to 12.25% from 10.25% during its meeting on Thursday, the statement said.
The committee also hiked the overnight deposit rate to 11.25% from 9.25%.
The bank also increased its discount and credit rates by 200 basis points to 11.75%, the statement said.
Egypt’s central bank raises key interest rates by 200 basis points