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CBE raises interest rates
- Egypt: Saturday, December 16 - 2006 at 10:15
The Central Bank of Egypt has raised its overnight deposit and lending rates by 25 basis points to 8.75% and 10.75%, reported Reuters. The move is an attempt to cool inflationary pressure and is the second hike in less than two months. Inflation for the year to the end of November stood at 12.2%, the highest level for over two years.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, December 16 - 2006 at 10:15 UAE local time (GMT+4)
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This article was updated on Sat Jan 13 2007.
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