Egypt, Turkey hold firm on interest rates

Turkish President Recep Tayyip Erdogan is adamantly opposed to raising interest rates, but some observers expected Egypt to raise rates in line with Gulf banks and the US Federal Reserve.
People queue to buy olive oil, which is sold cheaply by the Agricultural Products Office, Ankara, Turkey, Feb. 17, 2022.
People queue to buy olive oil, which is sold cheaply by the Agricultural Products Office, Ankara, Turkey, Feb. 17, 2022. - Adem Altan/AFP via Getty Images
AdamLucente.jpg
Adam Lucente
@Adam_Lucente

The central banks of Turkey and Egypt both decided yesterday to keep their interest rates unchanged. 

Turkey

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