In front of one inflation that reached 10% annual in February, the Egyptian Central Bank met urgently on Sunday and raised interest rates by one percentage point. The deposit rate thus went to 9.25% and the loan rate to 10.25%.
inflation was fundamentally driven by food prices that had an increase of 20.1%according to official figures.
The World Bank has already warned that a 30% rise in food prices could increase the poverty rate by 12%, which already affects a third of the 103 million Egyptians.
It is worth noting that Egypt imports from Ukraine and Russia 85% of the wheat and 73% of the sunflower oil it consumeswhich is why it is one of the countries most affected by the current war that caused the price of grains in the world to skyrocket.
While the pound continued to plummet on Monday, the Finance Ministry announced in the afternoon a fixed provisional customs exchange rate of 16 pounds per dollar, as well as US$7 billion in support measures for the most vulnerable sectors.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
