Egypt's central bank raises interest rates

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 record highs.

The move saw the Egyptian pound slip, trading at over 18 to the dollar by midday — up from an average of 15.6 pounds for $1. That was likely to take a heavy toll on poor and middle-class Egyptians. They have suffered from price hikes since the government embarked on an ambitious reform program in 2016 to overhaul the country's battered economy.