Cairo –( Massader News )
The Central Bank of Egypt monetary policy committee decided on Thursday to raise interest rates by 2% to 200 basis points to 18.75 for deposits and 19.75% for overnight lending.
The planned interest rate increase is the second in two months.
“The decision came to mitigate the side effects of higher fuel and electricity prices, as well as higher VAT,” the central bank said in a statement.
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