Egypt Unexpectedly Raises Rates Despite Delay in Devaluation

Egypt unexpectedly resumed its cycle of monetary tightening, seeking to tame inflation that’s running at an all-time high.

The central bank’s Monetary Policy Committee raised the deposit interest rate by 100 basis points to 19.25% and the lending rate to 20.25%, according to a statement Thursday. Rates are now the highest since at least 2006, and above the previous peak reached during the currency crisis of 2016-2017.

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