The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check.
of 15 analysts on Monday was for the bank to increase rates by 200 bps as it struggled to control surging inflation. Seven of the analysts expected an increase of 300 bps.to a five-and-a-half-year high of 31.9% from 25.8% in January. Core inflation in February rose to a record high of 40.3%.
Domestic supply chain disruptions, a depreciating Egyptian pound, demand side pressures "as evidenced by developments in real economic activity relative to potential capacity" and high broad money growth outturns fuelled inflation, the statement said. M2 money supply, which in Egypt includes deposits in foreign currency, grew by 31.6% year-on-year in January and 31.5% in February.
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