Egypt raised interest rates for the fourth time this year, the country’s Central Bank announced Friday. Analysts believe the move is unlikely to bring down inflation that is at a 19-year high. The Central Bank’s Monetary Policy Committee (MPC) said after the 50 basis point hike that it “will not hesitate to adjust” future key rates in order to ensures tability in the country. The overnight raise in interest rates takes the deposit rate to 10.5 per cent and the lending rate to 12.5 per cent. The bank raised rates a third time 9 May. The bank also raised its discount rate by 100 basis points to 10 per cent per year. Egyptians are complaining of the massive rise in costs of living coupled with a lack of salary increases that has led to widespread dissatisfaction and protests.
