Egypt's Central Bank raised its key interest rate Monday for the first time since 2017, citing inflationary pressures triggered by the coronavirus pandemic and Russia's war in Ukraine, which hiked oil prices to new records.
The move saw the Egyptian pound slip, trading 17.5 to the dollar — from an average of 15.6 pounds for $1 — after the bank’s decision. That is likely to have a heavy toll on poor and middle-class Egyptians.
