Egypt: Central Bank hikes interest rates to limit inflation

CAIRO (AP) — The Central Bank of Egypt has raised interest rates as the country continues to battle double-digit inflation amid a sharp currency devaluation. The bank’s monetary policy committee announced Thursday that the most basic lending rate, the overnight deposit rate, was increased from 13.25% to 16.25%. Egypt’s economy has been hit hard by the coronavirus pandemic,years of government austerity measures, and fallout from the war in Ukraine. Egypt is the world’s largest wheat importer, and most of its imports come from Russia and Ukraine.