2 Days
Source:
مصراوي
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Banks Lift Loan Rates 1%
Banks operating in Egypt have raised interest rates on loans to large companies—including those in the private sector and government—by 1%, in the first move following the central bank’s decision to increase rates by the same amount. The central bank’s deposit and lending rates now stand at 20% and 21%, respectively. The move aims to contain inflation amid pressure on the Egyptian pound, while an economist warned that it would increase borrowing and production costs, as well as the burden on the budget.
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