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Egypt’s central bank, citing inflation, hikes interest rates 200 bps

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© 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

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