Egypt raises interest rates by a point to keep inflation on its way down
The central bank calls the move pre-emptive after five meetings on hold, and aims for 7% inflation by late 2027.
Cairo — The Central Bank of Egypt raised its key interest rates by one percentage point on Thursday, taking the overnight deposit rate to 20% and the lending rate to 21%. It had held rates at its previous five meetings.
The bank called the rise pre-emptive, aimed at keeping inflation on a downward path and reaching its target of 7%, give or take two points, on average in the last quarter of 2027.
It cited an unfavourable external environment and rising energy and farm commodity prices. At home, it estimates growth stayed close to the 4.7% recorded in the second quarter, led by manufacturing, services and trade.
Monthly headline inflation quickened to 1.3% in September.
Source: Daily News Egypt, 31 October 2026.
