Ahmed Shawky

Stories

Egypt's central bank raises key interest rates by 100 basis points

Called the hike a surprise against market expectations

Egypt's central bank raised its benchmark rates by a full percentage point Thursday, lifting the overnight deposit rate to 20% and the lending rate to 21%. It was the first hike since March 2024, and it caught markets off guard: all 13 analysts polled by Reuters had expected no change.

Updated 1 hour ago