Egypt: first rate hike since 2011

By Nizar Manek, 21 March 2013
(Financial Times) --
The Central Bank of Egypt raised its main interest rates for the first time since November 2011, prompted by the jump in February headline inflation and despite the slowdown in economic growth. The bank raised the overnight deposit rate and overnight lending rate by 50 basis points to 9.75 per cent and 10.75 per cent, respectively, and raised its discount rate by 75bp to 10.25 per cent.
(443 words)