Egypt hikes rates to combat rampant inflation

The Central Bank of Egypt hiked its benchmark rate half a point and its discount rate a full percentage point on Thursday in a bid to combat inflation, now at a 19-year high.

The benchmark overnight deposit rate now stands at 10.5%, with the overnight lending rate also rising 50 basis points to 12.5%. The discount rate is 10%.

The rate increases follow a surge in annual inflation in the year to May. Inflation rose from an annualised 16.4% in April to 19.7% last month after the government raised

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.