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In surprise move, Egypt central bank hikes key interest rates
CAIRO (Capital Markets in Africa) – Egypt’s central bank raised its key interest rates by 200 basis points on Sunday, confounding the expectations of economists who saw rates unlikely to change, but in line with recent IMF statements. At a meeting of its Monetary Policy Committee, the bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to 17.75 from 15.75 percent, it announced in a statement. This…
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