Egypt hikes interest rates by 600 basis points

06/03/2024 Argaam

Egypt hikes interest rates by 600 basis points

Logo of Central Bank of Egypt (CBE)

The Central Bank of Egypt (CBE) raised interest rates by 6%, or 600 basis points (bps), to 27.25%. It also lifted the overnight deposit rate and overnight lending rate to 28.25% and 27.75%, respectively.

 

The discount rate was also raised by 600 bps to 27.75%, CBE said in a statement after a special meeting held today, March 6.

 

The move extends the CBE’s monetary tightening policy to address rising inflation rates.

 

The statement added that despite the recent slowdown in annual inflation rates, it is expected to exceed the CBE’s target of 7% (± 2 percentage points) on average during the fourth quarter of 2024.

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