Egypt raises interest rates for first time since 2017

Inflation and bread prices have risen significantly in Egypt recently, and Saudi Arabia and Qatar have also raised their rates.
KHALED DESOUKI/AFP via Getty Images
People walk past the Egyptian Central Bank in downtown Cairo on Nov. 3, 2016. - KHALED DESOUKI/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

The Central Bank of Egypt raised several interest rates by 1% today. 

The bank’s deposit rate is now 9.25%, the lending rate is 10.25% and the main operation rate is 9.75%, according to a press release. The main operation rate refers to the rate at which private banks in Egypt borrow from the Central Bank. 

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