Egypt raises interest rates to end 2022
Inflation continues to increase in Egypt and the Central Bank is uncertain about 2023.
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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.