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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Egypt’s Central Bank Raises Key Interest Rates by 300 bps

MPC Egypt Interest Rates Inflation Monetary Policy Committee Economy Monetary Policy
People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt's central bank hiked overnight interest rates by 300 basis points on Thursday, warning that inflationary pressures were building, Reuters reported.

The bank's Monetary Policy Committee (MPC) raised the deposit rate to 16.25% and its lending rate to 17.25%, it said in a statement.

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