(MENAFN) Egypt raised interest rates for the first time in a try to curb inflation, and the central bank agreed with the government to corporate on forming policies to grow economy.
Furthermore, the Monetary Policy Committee, increased the benchmark debut rate by 50 basis points to 9.25 percent, and it was also increased by the same amount to 10.25 pct.
The choice came among a dollar crunch threatening Egypt's economic recovery, triggering rumor that the central bank may loosen its grip on the pound.
The central bank stated that it can't fulfill its price-stability command without "full coordination" with the government in areas including "targets for fiscal consolidation."
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