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

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

Monday, 21 March, 2022 - 07:15
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.


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