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

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
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Egypt's Central Bank Raises Key Interest Rates by 100 Basis Points

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS/Mohamed Abd El Ghany
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.



Malaysia Prime Minister Confident on Resolving Petronas-Petros Dispute

This handout photo taken and released by Malaysia's Department of Information on May 2, 2025 shows Kosovo's President Vjosa Osmani (L) speaking as Malaysia's Prime Minister Anwar Ibrahim (R) listens during a joint press conference in Putrajaya. (Photo by NIZAM ZANIL / MALAYSIA'S DEPARTMENT OF INFORMATION / AFP)
This handout photo taken and released by Malaysia's Department of Information on May 2, 2025 shows Kosovo's President Vjosa Osmani (L) speaking as Malaysia's Prime Minister Anwar Ibrahim (R) listens during a joint press conference in Putrajaya. (Photo by NIZAM ZANIL / MALAYSIA'S DEPARTMENT OF INFORMATION / AFP)
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Malaysia Prime Minister Confident on Resolving Petronas-Petros Dispute

This handout photo taken and released by Malaysia's Department of Information on May 2, 2025 shows Kosovo's President Vjosa Osmani (L) speaking as Malaysia's Prime Minister Anwar Ibrahim (R) listens during a joint press conference in Putrajaya. (Photo by NIZAM ZANIL / MALAYSIA'S DEPARTMENT OF INFORMATION / AFP)
This handout photo taken and released by Malaysia's Department of Information on May 2, 2025 shows Kosovo's President Vjosa Osmani (L) speaking as Malaysia's Prime Minister Anwar Ibrahim (R) listens during a joint press conference in Putrajaya. (Photo by NIZAM ZANIL / MALAYSIA'S DEPARTMENT OF INFORMATION / AFP)

Malaysia's Prime Minister said on Sunday he was confident that a dispute between energy company Petronas, owned by the federal government, and Petros, owned by the state of Sarawak, will be resolved through discussions with the Sarawak premier.
The two companies' long-running dispute over gas distribution rights escalated last week, with Petronas saying on Friday its Petronas Carigali subsidiary had received notices from the Sarawak state government about its activities there.
Petronas gave no further details but local media said Sarawak authorities told the company's Miri Crude Oil Terminal that it lacked a proper operating license, Reuters reported.
Sarawak has given Petronas Carigali 21 days to obtain the required license or face financial penalties under local state law, according to the reports.
Prime Minister Anwar Ibrahim said he spoke to Sarawak state premier Abang Johari Openg regarding Petronas and Petros issues, based on principles that were previously agreed upon.
"When the premier returns from his official visit to London, we will immediately conduct further discussions to finalize it.
"I am highly confident that this issue will be resolved prudently by standing on the path of healthy and meaningful discourse," he said on his Facebook page.
Anwar also urged all parties to refrain from taking any actions or issuing any statements in the meantime.
Negotiations between Petronas and Petros stalled last year, heightening uncertainty over operations and investments in Sarawak's oil sector.
The impasse has raised concerns about the potential impact on Petronas revenues, which are a major source of income for the federal government. Sarawak holds more than 60% of Malaysia's gas reserves.