Egypt raises rates for first time in nearly three years despite easing inflation - Business News Nigeria

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Egypt became the latest African economy to tighten monetary policy after the Central Bank of Egypt (CBE) raised its benchmark interest rates by 100 basis points on Thursday, marking its first increase since March 2024. The central bank increased its overnight deposit rate to 20 percent from 19 percent and its overnight lending rate to 21 percent from 20 percent. The CBE said the decision was intended to anchor inflation expectations and safeguard the country’s disinflation trajectory amid challenging external conditions and heightened uncertainty. Read also: African central banks return to rate hikes as fuel costs, currency pressures mount The increase came despite a moderation in consumer prices. Egypt’s annual urban inflation slowed to 13.