Egypt central bank forecast to raise interest rates by 150 bps

The Central Bank of Egypt (CBE) is expected to hike its overnight interest rates by 150 basis points on Thursday as it keeps battling inflation after a series of currency devaluations, a Reuters poll showed on Monday.

The median forecast in a poll of 13 analysts is for the bank to increase its deposit rate to 17.75% and its lending rate to 18.75% at its regular monetary policy committee (MPC) meeting.