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Egypt Interest Rate Announcement (Mar. 2023)

The Central Bank of Egypt (CBE) announced that it raised interest rates by 200bp, taking the overnight deposit rate to 18.25%, this evening in a much-needed decision. While this is clearly a positive step in terms of helping to bring down inflation, restoring investor confidence and shoring up the currency,  we still think that there is scope for further tightening to come.

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