Egypt resumed a cycle of monetary tightening as the central bank tries to tackle inflation that’s been stoked by currency devaluations.
The Monetary Policy Committee raised the deposit rate by 200 basis points to 18.25% and the lending rate to 19.25%, it said in a statement Thursday. All but one of 11 economists surveyed by Bloomberg had predicted an increase although they were split on the magnitude.
Source : Egypt Implements Massive Interest Rate Hike to Combat Inflation Caused by Currency Devaluations