The Central Bank Decides to Raise the Interest Rate 6%
The monetary policy committee decided at its extraordinary meeting to raise the overnight deposit and lending rates and the main operation rate of the central bank by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively, and the credit and debit rate was raised by 600 basis points to reach 27.75%, and based on the decision taken by the committee at its meeting on the first of February 2024 to raise the basic interest rates by 200 basis points, the committee decided to accelerate the process of monetary restriction in order to accelerate the arrival of inflation on its downward path and ensure low monthly rates of inflation, the committee believes that the decision to raise the key interest rates by 600 basis points will help restrict monetary conditions in a manner consistent with the target path of reducing inflation rates. These levels will be maintained until inflation approaches its desired path, knowing that the central bank, despite raising interest during the first quarter of 2024 at a rate of 800 basis points, but has reduced interest during the past 2023 at a rate of 500 basis points. (Official statement of the Central Bank of Egypt)
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