Browse
related articles
Egypt raises interest rates
- Egypt: Sunday, March 24 - 2013 at 03:20
Egyptian central bank has raised interest rates for the first time since 2011, after the pound's decline fuelled a jump in inflation, Bloomberg has reported. The benchmark deposit rate was increased by half a percentage point to 9.75%, and the overnight lending rate by the same amount to 10.75%, the apex lender said. The move is part of efforts to counter inflation, which almost doubled in two months after the central bank started allowing the pound to weaken in December. "The hike is due to rising inflationary pressures" as well as "some concerns about the weakening Egyptian pound," said Mohamed Abu Basha, an economist at investment bank EFG-Hermes Holding SAE in Cairo who forecast an increase, told the news service.
Related Content
Article Options
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
