Central Bank of Egypt raises interest rates by one percentage point
Egypt's central bank increased key interest rates to help curb inflation and meet its fourth-quarter target for 2027.
FTMQ Business, written by our newsroom0 views
The Central Bank of Egypt raised its key policy interest rates by 100 basis points, Daily News Egypt reported. The decision brought the overnight deposit rate to 20 percent and the overnight lending rate to 21 percent. The central bank also set both the discount rate and the main operation rate at 20.5 percent. [1]
According to Daily News Egypt, the Monetary Policy Committee of the central bank made the decision on Thursday. The central bank described the rate hike as a pre-emptive step designed to keep inflation moving downward. The measure aims to bring inflation to an average target of 7 percent, plus or minus two percentage points, in the fourth quarter of 2027. [1]
The single percentage point increase followed five consecutive meetings in which the central bank maintained rates, Daily News Egypt reported. Global monetary authorities have faced ongoing inflationary pressures, as FTMQ Business reported earlier. [1][2]
In short
- The Central Bank of Egypt raised key policy interest rates by 100 basis points.
- The overnight deposit rate increased to 20 percent and the overnight lending rate rose to 21 percent.
- The central bank targets an average inflation rate of 7 percent by the fourth quarter of 2027.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]CBE rate hike aims to sustain disinflation, ensure 2027 inflation target is metDaily News Egypt, 3d ago (the report this story comes from)
Background
- [2]Bank of Canada faces decision on potential interest rate increase FTMQ Business, 12d ago
Our newsroom writes these reports with the help of software, from the 2 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
Related from FTMQ Business
Earlier reports of ours on the same people and subjects.
- Bank of Canada faces pressure to raise interest rates next weekEconomy, 11d ago
- Pakistan central bank raises interest rate to 12 percentEconomy, 8d ago
- UK Chancellor faces £35bn funding gap before Budget, think tank warnsTop Business, 23d ago
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