Egypt’s central bank raises interest rates by 200 bps to tame inflation

CARIO : The Central Bank of Egypt has raised its overnight interest rates by 200 basis points following a meeting of its Monetary Policy Committee, saying it aimed to bring high inflation into check, according to Reuters.

The bank set the lending rate at 19.25 percent and the deposit rate at 18.25 percent.

The median forecast in a Reuters poll of 15 analysts on Monday was for the bank to increase rates by 200 bps as it struggled to control surging inflation. Seven of the analysts expected an increase of 300 bps.