Last Update 22:36
Monday, 22 July 2019

Egypt central bank raises lending, deposit rates

For first time since late 2011, Egyptian central bank's monetary policy committee raises key lending and deposit rates

Ahram Online, Thursday 21 Mar 2013
Egypt
Share/Bookmark
Views: 1506
Share/Bookmark
Views: 1506

The Central Bank of Egypt (CBE)'s monetary policy committee raised its key lending rate and deposit rate by 50 basis points each to stand at 10.75 percent and 9.75 percent respectively, the committee reported following a Thursday meeting.

It was the first time for the rates to be increased since November 2011.

The bank also lifted the discount rate and the weekly repurchase agreement (repo) rate by 75 and 50 basis points respectively. They currently both stand at 10.25 percent.

Earlier on Thursday, Ahram Online reported that slight interest rate increases were expected due to dramatic increases in headline inflation in February and the recent devaluation of the local currency.

Cairo-based investment bank Beltone Financial had earlier forecast that the deposit rate would be raised to 9.75 percent and the lending rate raised to 10.5 percent.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.