Egypt's central bank raises interest rates by 200 bps to ease inflation

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Egypt's central bank raises interest rates by 200 bps to ease inflation

STORY: Egypt's central bank raises interest rates by 200 bps to ease inflation SHOOTING TIME: Feb. 1, 2024 DATELINE: Feb. 2, 2024 LENGTH: 00:00:54 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Egypt 2. various of an accountant counting Egyptian banknotes 3. various of a market STORYLINE: The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday over uncertainty surrounding the inflation outlook. The rate hike brings the lending rate to 22.25 percent and the deposit rate to 21.25 percent. "Widespread inflationary pressures remain elevated, continuing to impact pricing and consumption behaviors," the bank said in a statement. Egypt's annual headline and core inflation continued to decelerate, recording 33.7 percent and 34.2 percent in December 2023. However, geopolitical uncertainty and ongoing maritime trade disruptions continue to raise domestic and global inflationary pressures. The meeting came amid the co

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