On Thursday, the Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee, it said in a statement.
The bank set the lending rate at 19.25% and the deposit rate at 18.25%.
"The MPC stresses that achieving a tight monetary stance is a necessary condition to attain the CBE's upcoming inflation targets of 7 percent (± 2 percentage points) on average by 2024 Q4 and 5 percent (± 2 percentage points) on average by 2026 Q4," the MPC said in a statement.
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