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Egypt raises interest rates to end 2022

Inflation continues to increase in Egypt and the Central Bank is uncertain about 2023.

The Central Bank of Egypt decided to raise interest rates Thursday. 

The bank’s Monetary Policy Committee decided to raise several loan and deposit rates by 3%. The committee justified the decision by saying the outlook for international commodity prices is “uncertain.” It specifically mentioned the global economic downturn, COVID-19 restrictions in China and supply chain disruptions related to the Russian invasion of Ukraine. 

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