Egyptian Central Bank Raises Key Interest Rates

The Egyptian Central Bank raised the main interest rates by 200 basis points today, Thursday, following a meeting of the monetary policy committee. The bank set the overnight lending rate at 19.25 percent and the overnight deposit rate at 18.25 percent. Additionally, data from the Egyptian Central Bank showed that the money supply (M2) grew by 31.5 percent in February on a year-on-year basis. The money supply reached 7.81 trillion Egyptian pounds (253.48 billion dollars) in February compared to 5.94 trillion pounds in the same month last year.