Explanation of raising interest rates by 200 bps ...Egypt

The Monetary Policy Committee (MPC) in its meeting on Thursday 30/3/2023 decided to raise the Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation by 200 bps to 18.25 percent, 19.25 percent, and 18.75 percent, respectively. The discount rate was also raised by 200 bps to 18.75 percent. On the global front, forecasts for international commodity prices have eased compared to those underlying the previous MPC meeting, but their outlook remains uncertain, CBE said in a statement to explain the reasons behind the committee’s decision. Notable factors include the outlook for global supply bottlenecks and global economic activity, especia

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