Egypt hikes rates at unscheduled meeting
Central bank orders 100bp increase on March 21, the first rise since July 2017
The Central Bank of Egypt held an unscheduled policy meeting on March 21, ordering a 100 basis point hike. The move brings the policy rate to 9.25%.
The CBE’s nine-member monetary policy committee had been scheduled to convene on March 24. That meeting has been cancelled.
Al Ahram quoted the MPC’s statement, which cited high commodity prices and “increased risk-off sentiment” as sources of “domestic inflationary pressures as well as external imbalances”.
The rate increase set off a sharp
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