Today, Egypt’s “Central Bank” Decides New Rate of Interest

The Monetary Policy Committee of the Central Bank of Egypt will discuss, in its scheduled meeting today, Thursday, interest rates, which comes after the previous committee’s decision during its last meeting on May 19 to raise the main interest rates by 200 basis points after increasing them by 100 points in March, to reach 11.25% for deposits and 12. 25% to lend.

And the US Federal Reserve decided, last week, to raise the interest rate by 0.75%, the highest since 1994, for the third time this year, to face inflation rates that reached their highest levels in nearly 4 decades.

The Central Bank of Egypt raised interest rates by 1% on March 21, during an exceptional meeting, coinciding with the offering of a high-return savings certificate of 18% at the National Bank of Egypt and Egypt, which was suspended recently after achieving the target proceeds by selling certificates worth  EGP750 billion.