Photo Credit:&nbsp;Ibrahim.ID,&nbsp;CC BY 4.0, via Wikimedia Commons
The Central Bank of Egypt has raised the key interest rates by two percent.
As a result, the primary operating rate was increased to 21.75 percent, the overnight lending rate to 22.25 percent, and the overnight deposit rate to 21.25 percent. Furthermore, the discount rate was increased to 21.75 percent by 200 basis points.
With this increase, the entire amount of rises made to Egypt's main interest rates from March 2022 has reached 13% (1300 basis points), and since March 2023, it has reached 5% (500 basis points).
The primary reason for the move was to combat the nation's growing inflationary strain.

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