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Egypt raises key interest rates for first time since July 2014

by ChemOrbis Editorial Team - content@chemorbis.com
  • 25/12/2015 (12:01)
According to media reports, Egypt’s Monetary Policy Committee (MPC), under the new governor of the central bank, Tarek Amer, increased benchmark interest rates on December 24 by 50 basis points, the first hike seen since July 2014. The country’s central bank raised the overnight deposit rate to 9.25% and the overnight lending rate to 10.25%.

Inflationary pressures were cited as the main reason behind the hike decision while the bank also aims to indirectly support the local currency. However, having expected the rates to remain unchanged, economists commented that lending costs for the private sector will increase and lending growth will be affected by the central bank’s hikes.
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