Egypt raises interest rate to contain high inflation

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Egypt raises interest rate to contain high inflation

STORY: Egypt raises interest rate to contain high inflation DATELINE: Dec. 23, 2022 LENGTH: 0:00:57 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1 various of the Central Bank of Egypt 2 various of an accountant counting banknotes STORYLINE: Egypt announced on Thursday to raise the interest rate by 300 basis points to contain soaring inflation. In Thursday's meeting, the Monetary Policy Committee (MPC) in Egypt decided to raise the central bank's deposit rate to 16.25 percent and lending rate to 17.25 percent. Egypt's annual urban consumer inflation rate "continued to accelerate," rising from 16.2 percent in October to 18.7 percent in November, the highest rate since December 2017 when it reached 21.9 percent. The Egyptian economy has been greatly affected by the COVID-19 pandemic and Russia-Ukraine conflict which led to increased costs of food and oil imports, given that the most populous Arab country is one of the world's largest importers of wheat, most of which came from Russia and Ukraine. Th

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