12 Hrs
Source:
الشرق الأوسط
Source: الشرق الأوسط
12 Hrsالشرق الأوسط
Source: الشرق الأوسط
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The Central Bank of Egypt raised interest rates by 100 basis points, bringing the deposit rate to 20% and the lending rate to 21%, in an effort to curb inflation and attract savings into banks, as the pound fell to around 56 to the dollar. Experts say the move could lead some Egyptians to favor bank deposits over gold and real estate, while investors with a greater appetite for risk may turn to the stock market. One expert warned that the rate hike could trigger stagflation and a fresh wave of price increases, despite core inflation falling to 14.1% in September.
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