Egypt’s Central Bank is hiking interest rates as the cash-strapped North African country continues to battle surging inflation and a depreciating currency. In an online statement late Thursday, the bank’s monetary policy committee said the most basic lending rate, the overnight deposit rate, was increased from 18.25% to 19.75%. Egyptians, particularly working class households, are struggling to keep up with rising prices, which have soared since Russia invaded Ukraine last year. The annual inflation rate reached 36.8% in June, up from 33.7% recorded in May, according to data released by the state-run Central Agency for Mobilisation and Statistics. The prices of basi
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