{"id":60728,"date":"2023-03-30T17:55:35","date_gmt":"2023-03-30T21:55:35","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/egypt-announces-2-rate-hike-as-inflation-worsens-60728"},"modified":"2023-03-30T17:55:35","modified_gmt":"2023-03-30T21:55:35","slug":"egypt-announces-2-rate-hike-as-inflation-worsens","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/egypt-announces-2-rate-hike-as-inflation-worsens-60728","title":{"rendered":"Egypt announces 2% rate hike as inflation worsens"},"content":{"rendered":"
\n

Egypt\u2019s Central Bank said it raised interest rates on Thursday as the embattled Middle Eastern country continues to battle surging inflation<\/a> and a depreciating currency.<\/p>\n

In an online statement, the bank\u2019s monetary policy committee said the most basic lending rate, the overnight deposit rate, has increased from 16.25% to 18.25%.<\/p>\n

The hike aims to ease spiraling inflation, with the annual figure reaching 32.9% in February, up from 26.5% in January.<\/p>\n

ANNUAL INFLATION RATE IN EGYPT REACHES NEW HIGH AS CURRENCY SURGES<\/strong><\/a><\/p>\n

Nearly a third of Egyptians live in poverty, according to official figures, and are struggling to keep up with rising prices, which have soared since Russia invaded Ukraine<\/a> last year. The prices of basic items such as grains, meat, poultry, fish and fruit, have risen drastically over recent months.<\/p>\n

Since the outbreak of the war in Europe, the Egyptian pound has lost more than 50% of its value against the dollar.<\/p>\n

EGYPT CONTINUES TO BATTLE INFLATION AS ITS CURRENCY LOSES VALUE<\/strong><\/a><\/p>\n

The currency slide accelerated after Egypt first announced it had reached a $3 billion bailout agreement with the International Monetary Fund last October. In exchange, Egypt’s Central Bank agreed to implement several economic reforms, including a shift to a flexible exchange rate.<\/p>\n

To alleviate the hardship, Egypt’s government<\/a> has set up markets selling basic goods for cheaper prices and increased public servants\u2019 pay.<\/p>\n

Earlier this month, Egyptian President Abdel Fattah el-Sissi announced that government employees would receive pay increases of 1,000 Egyptian pounds a month, about $34.<\/p>\n

Egypt last raised its interest rates in December.<\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/world\/egypt-announces-2-rate-hike-inflation-worsens <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s Central Bank said it raised interest rates on Thursday as the embattled Middle Eastern country continues to battle surging inflation and a depreciating currency. 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