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Egypt raises rates

  • Egypt: Saturday, August 09 - 2008 at 10:39

Egypt's central bank has raised interest rates for the fifth time this year to tame inflation running at over 20%, Reuters has reported. This has increased both deposit and lending rates by 50 basis points, according to the bank. The overnight deposit rate has gone up to 11%, and its overnight lending rate to 13%. It also increased the discount rate by 100 basis points to 11%.

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