67879
Egypt Hikes  Interest Rate  Again
Egypt Hikes  Interest Rate  Again

Egypt Hikes Interest Rate Again

Egypt Hikes Interest Rate Again

The Central Bank of Egypt decided Thursday to raise its benchmark interest rates by 200 basis points to control inflation as the country is implementing a harsh reform program, Xinhua reported. The bank raises the overnight deposit rate, overnight lending rate, and the rate of the CBE’s main operation by 200 basis points to 18.75%, 19.75%, and 19.25%, respectively. In a statement released Thursday night, the CBE said the discount rate was also raised by 200 basis points to 19.25%, adding that annual headline inflation in May 2017 fell for the first time since October 2016 to record 29.7% compared to 31.5% in the preceding month. “The drop was partly due to a favorable base effect stemming from the exchange rate depreciation in March 2016 that strongly impacted prices in May 2016,” the statement read. Egypt on Thursday announced a new increase in electricity prices ranging from 18 to 42%, based on consumption.

 

Short URL : https://goo.gl/eXvU8Z
  1. https://goo.gl/TPteof
  • https://goo.gl/cktpHL
  • https://goo.gl/as2pBQ
  • https://goo.gl/fs7zgM
  • https://goo.gl/3KL2zL

You can also read ...

Singapore Exports See Surprise Drop
Exports from Singapore last month stumbled after four months...
Nigeria Inflation Flattens Out  at 16%
As widely anticipated, Nigeria’s headline inflation declined...
Russia Services PMI Improves
According to a report by Markit Economics, the final Russia...
Brazil August Growth Lowest in Five months
Economic activity in Brazil contracted in August at the...
Low ECB Rates an Opportunity to Reform
Easy monetary policy gives eurozone governments a window of...
Czech Economy Needs Higher Rates
The Czech koruna’s slow appreciation is paving the way for...
Outlook for Global Economy, Equity Markets Brighter
Ebrahim Rahbari remains positive on the global economy and...
OECD: Youth Likely to Face Higher Inequality in Old Age
Younger generations have been experiencing more unstable labor...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus