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Egypt's central bank expected to raise rates as inflation weighs: Reuters poll - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Egypt’s central bank will raise its overnight deposit rate by 50 basis points (bps) on Thursday as it seeks to dampen surging inflation, a Reuters poll forecast.

Egypt's Central Bank headquarters are seen in downtown Cairo, Egypt, March 22, 2022.

The bank raised rates by 200 bps at its last meeting on May 19, saying it was seeking to contain inflation expectations after prices surged by their quickest in three years. “In a context of hawkish Fed policy and pressure on Egyptianexternal liquidity, a significant rise in CBE rate is needed for a recovery in portfolio inflows,” Devaux said.

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