65371
Egypt CB Fighting Against Odds
Egypt CB Fighting Against Odds

Egypt CB Fighting Against Odds

Egypt CB Fighting Against Odds

The Central Bank of Egypt opted to raise overnight interest rates on interbank deposits and lending by 2% this week, citing the need to contain runaway inflation, zawya reported. The move, taken during the CBE’s Monetary Policy Committee meeting on Sunday, is the second of its kind since the CBE devalued the pound and abandoned currency controls in November. The total hike in interest rates since then amounts to 5%. On Sunday, the overnight deposit rate was upped to 16.75%, while the lending rate was raised to 17.75%. Economists, bankers and businessmen expressed worries about the effect of the move on growth rates that are already as low as 3.5%. The annual inflation rate came in at 32% in April, its highest level since 1986. However, the monthly increase was slower at 1.7%, the slowest since October. The government is worried about social unrest being fed by the record high inflation rates.

 

Short URL : https://goo.gl/w1Tvvk
  1. https://goo.gl/XPI9gH
  • https://goo.gl/MhEbUQ
  • https://goo.gl/03fZXZ
  • https://goo.gl/I4TDkg
  • https://goo.gl/rmP8Zh

You can also read ...

India Launches 888 Anti-Dumping Probes
The Indian government has initiated as many as 214 anti-...
Federal Reserve Board Chairman Jerome Powell speaks during a hearing before the Senate Banking, Housing and Urban Affairs Committee.
US Federal Reserve Chairman Jerome Powell said protectionism...
Fitch Retains Philippine  Debt Rating
Global debt watcher Fitch Ratings kept the Philippines’...
Shifting transactions from cash to digital payments holds great promise for  individuals, businesses and governments.
More than 23% of the world's economy operates out of sight of...
UN to Help Rebuild Gaza Economy, Create Jobs
Against the backdrop of rapidly rising tension, violence,...
Lloyds Loses Mortgage Market Share
Lloyds lost market share in UK mortgages last year as Royal...
EU to Fine Google $5 Billion
Google will be fined about €4.3 billion ($5 billion) by the...
ECB Research Says Stimulus Didn’t Favor the Rich
New research published by the European Central Bank pushes...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus