Central Bank of Egypt Raises Key Interest Rates by Two Points

-

(Mada Masr)

The Central Bank of Egypt's Monetary Policy Committee raised key interest rates by two percentage points, leading to an unprecedented high of 16.75 percent, according to Bloomberg and other sources.

The increase, which defied all investment bank predictions, resulted in Egyptian stocks falling the most in the world on Monday.

The decision comes a month after the International Monetary Fund had shown favor for higher borrowing costs, describing interest rates as an instrument to control inflation.

Latest Articles

Butcher’s Burger: The Solution to All Your Cravings

Searching for a good burger in Cairo can be exhausting, and it’s easy to give up and just resort to junk food. Thankfully, this no longer needs to be the case; after trying out Butcher’s Burger, we’ve decided that it’s become our new go-to burger place from now on.

Read More

6 Movies to Watch This Eid

A long vacation means going to the cinema at least once - if not more. From comedy and mystery to action and romance, we’ve got you covered with the ultimate guide to the top movies hitting theaters this Eid!

Read More

An Idiot’s Guide to Jazz

In those words lie the story of Jazz; the art that revolutionized Western music and changed the music industry forever.

Read More

Five Go-To Rompers That Will Transform Your Summer Wardrobe

Looking for something to wear this weekend while on vacation? If you’ve already shown off all your casual dresses and cover ups, then you might want to consider trying out rompers!

Read More

7 Bathing Suit Designs to Rock This Summer

What better way to make a statement in the summer than with a chic bathing suit? Check out this year’s trendy looks for some inspiration.

Read More

Page 1 of 147