Central Bank of Egypt hikes rates as reserves dwindle and inflation rises
The Central Bank of Egypt yesterday raised interest rates by 50 basis points, ostensibly to tackle rising inflation, but also – according to some commentators – in a bid to prop up the country's dwindling reserves.
The central bank said inflation increased to 2.5% month-on-month in February, the fastest rise since August 2010, translating into a year-on-year increase of 8.2%. Growth however was 2.4% in the first half of fiscal 2012-13, a figure the central bank described as "feeble".
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