Central Bank of Egypt hikes rate in bid to rein in rapid inflation
Inflation is starting to slow after impact of devaluation but is still running at close to 30%, the central bank says
The Central Bank of Egypt is still feeling the effects of its November 2016 decision to float the Egyptian pound, hiking its policy rate 200 basis points on July 6 in a bid to contain rapid inflation.
In a statement after its monetary policy decision, the central bank noted inflation had fallen for the first time since October 2016, dropping to 29.7% in May from 31.5% in April. Nevertheless, it said the balance of risks has shifted towards the upside, and therefore chose to hike, bringing the
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