Egypt: Central Bank hikes interest rates to limit inflation ...Kuwait

CAIRO (AP) — Egypt's central bank raised interest rates Thursday as the country continues to battle double-digit inflation amid a sharp currency devaluation. In a statement, the bank's monetary policy committee announced that the most basic lending rate, the overnight deposit rate, was increased from 13.25% to 16.25%. Egypt's economy has been hit hard by the coronavirus pandemic, years of government austerity measures, and fallout fromf the war in Ukraine. Egypt is the world’s largest wheat importer, and most of its imports come from Russia and Ukraine. Earlier this month, the International Monet

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Egypt: Central Bank hikes interest rates to limit inflation ...Kuwait

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