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The committee’s decision comes in an effort to control the rising rate of inflation which reached a record high of 14.8% in June
This increase boosts the CBE’s deposit rate to 11.75% and lending to 12.75%
The CBE interest rates are the main index for interest rates on the Egyptian pound in the local market.
Foreign institutions require high return interest rates of 5.5%, which is unsuitable for banks, says ADIB Capital CEO
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided during its meeting Thursday to raise the basic interest rate by 1.5% on deposits and loans. The decision will increase the overnight rate to is 10.75% and the loan rate to 11.75%. The MPC also increased the deposit and discount rate by …
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