Egypt's cenbank raises interest rates by 200 bps to tame inflation

of 15 analysts on Monday was for the bank to increase rates by 200 bps as it struggled to control surging inflation. Seven of the analysts expected an increase of 300 bps.to a five-and-a-half-year high of 31.9% from 25.8% in January. Core inflation in February rose to a record high of 40.3%.

Domestic supply chain disruptions, a depreciating Egyptian pound, demand side pressures "as evidenced by developments in real economic activity relative to potential capacity" and high broad money growth outturns fuelled inflation, the statement said. M2 money supply, which in Egypt includes deposits in foreign currency, grew by 31.6% year-on-year in January and 31.5% in February.

Africa can never be stable if we don't get a continental currency for ourselves more especially in this difficult moment and with the struggle with the skyrocketing US Dollar. So please help in your own power to advocate for the African currency.

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