“Central Bank of Egypt Raises Interest Rates by 600 Points to Combat Inflation, Allows Market Forces to Determine Exchange Rate”

The Central Bank of Egypt has increased interest rates by 600 basis points in a sudden move, citing high inflation as the reason. The decision was made during an emergency meeting, where the overnight deposit rate was raised to 27.25 percent and the overnight lending rate to 28.25 percent. Additionally, the bank announced that the currency exchange rate will now be determined by market forces.

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