BREAKING: Egypt’s central bank hikes key interest rates by 200 bps

Egypt’s central bank has on Thursday hiked its key interest rates by 200 basis points in its first monetary policy meeting for 2024.

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to raise the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 21.25 percent, 22.25 percent, and 21.75 percent, respectively, CBE explained in a statement.

The discount rate also remained unchanged at 21.75 percent.