Egypt raises interest rates by 1 pct to curb inflation

CAIRO, Aug. 3 (Xinhua) -- Egypt decided to raise the interest rates by 100 basis points in a bid to contain high inflation, the Central Bank of Egypt (CBE) announced on Thursday.

The deposit and lending rates were raised to 19.25 percent and 20.25 percent, respectively, while the rate of the main operation and the discount rate were increased to 19.75 percent, the CBE said in a statement after a meeting of the M