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FINANCIAL NEWS
Egypt’s inflation eases for first time since currency float
09 Jun 2017
(MENAFN) Egypt’s annual urban consumer price inflation eased in May for the first time since the nation floated its currency in Nov, after reaching its highest point in more than three decades.
However, annual urban inflation dropped to 29.7 percent in the cited month from 31.5 percent in April, as proclaimed the official CAPMAS statistics agency.
In Nov, the country abandoned its currency peg of 8.8 pounds per dollar and floated the currency, which halved in value.
Last month, the central bank raised its key interest rates by another 200 basis points, aimed at dealing with inflation as well as demand-side pressures.
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MENAFN0906201700450000ID1095546449
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