Egypt raises interest rates to curb inflation

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Egypt raises interest rates to curb inflation

STORY: Egypt raises interest rates to curb inflation DATELINE: May 20, 2022 LENGTH: 00:00:56 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. Various shots of the Central Bank of Egypt 2. Various shots of a supermarket 3. A shot of people withdrawing money from ATMs STORYLINE: The Central Bank of Egypt (CBE) decided on Thursday to raise its interest rates amid a global wave of inflation and hiking prices. The CBE decided to increase the deposit rate, the lending rate, and the rate of the main operation by 200 basis points, to 11.25 percent, 12.25 percent, and 11.75 percent respectively, the bank's Monetary Policy Committee (MPC) said in a statement following Thursday's meeting. It pointed out that the decision was driven by the global economic slowdown "due to ongoing tensions between Russia and Ukraine." Egypt's annual headline urban inflation increased to 13.1 percent in April, up from 10.5 percent in March, its highest monthly level since May 2019, said the MPC. Already expected by many economists and

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