Egypt’s Monetary Policy Committee has maintained the deposit rate at 11.25% and the lending rate at 12.25% for a second consecutive meeting,
The country’s economy is reeling from the spillover effects of Russia’s invasion of Ukraine. This has seen inflation running at a three-year high as food and fuel import bills soar, while the country is struggling to lure back foreign investors who pulled some $20 billion from the local debt market this year.
The country has hiked rates by a cumulative 300 basis points since March, although that’s yet to slow the consumer-price index, which reached an annual 13.6% in July.
Gulf allies have offered aid of more than $22 billion through deposits and investments to shore up the economy.
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