Egypt's central bank raises interest rates by 600 bps

STORY: Egypt's central bank raises interest rates by 600 bps SHOOTING TIME: earlier footage DATELINE: March 7, 2024 LENGTH: 00:00:57 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Egypt 2. various of an accountant counting banknotes 3. various of the National Bank of Egypt 4. various of Banque Misr STORYLINE: The Central Bank of Egypt (CBE) raised its interest rates by 600 basis points (bps) on Wednesday and said it would allow the exchange rate to be determined by the market in a bid to ensure a smooth transition to a flexible inflation targeting regime. In a statement, the central bank raised the overnight lending rate to 28.25 percent, its overnight deposit rate to 27.25 percent, and the rate of the main operation to 27.75 percent. The CBE decided to accelerate the monetary tightening process in order to fast-track the disinflation path and ensure a decline in underlying inflation. Egypt's annual inflation figures, despite recent declines, are expected to remai

Syrian silk farmer struggles amid war, tough economy

STORY: Syrian silk farmer struggles amid war, tough economy DATELINE: Nov. 30, 2022 LENGTH: 0:03:20 LOCATION: Damascus CATEGORY: SOCIETY/ECONOMY SHOTLIST: 1. various of the silk museum 2. various of Muhammad Saud at his museum 3. SOUNDBITE 1 (Arabic): MUHAMMAD SAUD, Silk farmer 4. Saud and his wife working 5. SOUNDBITE 2 (Arabic): MUHAMMAD SAUD, Silk farmer 6. various inside the silk museum STORYLINE: Muhammad Saud is one of the few remaining silk farmers in Syria. Like his ancestors, he's been living with this craftsmanship in the mountainous village of Deir Mama in the central province of Hama. He turns part of his house into a silk museum to honor this history. But after 11 years of war and amid the current tough economic situation, Saud suspects his trade may not survive much longer. SOUNDBITE 1 (Arabic): MUHAMMAD SAUD, Silk farmer "During the war, tourism had stopped. No domestic nor foreign tourists come here. We were among those who have suffered a lot, especially when you know that we had remai