The Monetary Policy Committee (MPC) decided to raise the Central Bank of Egypt’s (CBE) deposit rate, overnight lending rate, and the rate of the main operation by 300 basis points to 16.25%, 17.25%, and 16.75%, respectively. The discount rate was also raised by 300 basis points to 16.75%. The MPC said the move was prompted by its desire to suppress intensifying inflationary pressures and achieve the target inflation rate. It added in a statement issued this evening that expectations for global prices of basic commodities have slowed down compared to previous ones floated during the committee’s previous meeting. It pointed out that global financial conditions have headed towards stability as
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