Egypt surprisingly hikes interest rates
Accordingly, the bank raised its overnight deposit rate from 14.75% to 16.75% and its overnight lending rate from 15.75% to 17.75%.
The country had floated its currency last November, after which the inflation has climbed to an almost thirty-year high by 31.5%.
IMF has recently mentioned the significance of lowering inflation in maintaining the economic reform program and accordingly, interest hikes could help achieve this. However, some economists think that higher interest rates cannot be effective in reducing inflation, but only cause investments to reduce.
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