Central Bank of Egypt Raises Key Interest Rates by Two Points

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(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.

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