Egypt's Central Bank Raises Key Interest Rates by 100 Basis Points

Business

March 21st, 7:33am

Asharq Al-Awsat

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany

Egypt's central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting, it said in a statement on Monday. The central bank set its overnight lending rate at 10.25% and its overnight deposit rate at 9.25% citing global inflationary pressures amplified by the war in Ukraine. The monetary policy committee had been scheduled to meet on March 24. Egypt's pound currency traded at 17.42-17.52 against the US dollar on Monday, Refinitiv data showed. The currency had been trading at around 15.7 pounds to the dollar a day prior.

from Asharq AL-awsat https://english.aawsat.com/home/article/3543986/egypts-central-bank-raises-key-interest-rates-100-basis-points