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Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Egypt raises rates to curb inflation, support pound

Egypt raises rates to curb inflation, support pound | Égypt-actus | Scoop.it

Egypt's central bank raised interest rates on Thursday, hoping to curb soaring inflation and slow a sliding pound currency, but the first increase in over a year is likely to hurt a very weak economy.

The bank's Monetary Policy Committee (MPC) announced 50 basis point increases in both its main rates, taking the overnight deposit rate to 9.75 percent and the overnight lending rate to 10.75 percent.

  

Before the meeting, economists had been split on whether the bank would raise rates or hold them to avoid further hurting an economy badly damaged by two years of political turmoil and frequent violent protests since the overthrow of president Hosni Mubarak.

In the end, the central bank opted to tackle the sharp rise in inflation, which is eating into Egyptians' living standards, and to support the Egyptian pound.

 

More on: http://www.reuters.com/article/2013/03/21/egypt-rates-idUSL6N0CDEAQ20130321?rpc=401

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Egypt Inflation Climbs Most in Two Years as Pound Weakens

Egyptian consumer prices last month posted the biggest increase in more than two years after the pound weakened to a record and foreign reserves slid.

Prices rose 1.7 percent compared with 0.2 percent in the previous month, according to the state-run Central Agency for Public Mobilization and Statistics. The annual rate climbed to 6.3 percent from 4.7 percent, the data show. High prices were one of the reasons that triggered the 2011 uprising that ousted President Hosni Mubarak.

The pound has weakened 7.8 percent against the dollar since Dec. 30, according to data compiled by Bloomberg, as the central bank started capping the amount of dollars each lender can buy at currency auctions. The regulator said the policy seeks to conserve reserves, which have plunged more than 60 percent since the revolt to $13.6 billion last month. (Bloomberg)

 

More : http://www.bloomberg.com/news/2013-02-10/egypt-s-inflation-rate-jumps-most-in-two-years-as-pound-weakens.html

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Egypt’s Inflation Rate Jumps Most In Two Years As Pound Weakens

Egypt’s Inflation Rate Jumps Most In Two Years As Pound Weakens | Égypt-actus | Scoop.it

Egyptian consumer prices posted the biggest monthly increase in more than two years in January after the pound weakened to a record amid the worst slide in foreign reserves in at least 15 years.

Prices rose 1.7 percent compared with 0.2 percent in the previous month, according to the state-run Central Agency for Public Mobilization and Statistics. The annual rate climbed to 6.3 percent from 4.7 percent, the data show. High prices were one of the reasons that triggered the 2011 uprising that ousted President Hosni Mubarak.

The pound has weakened 7.8 percent against the dollar since Dec. 30, according to data compiled by Bloomberg, as the central bank started capping the amount of dollars each lender can buy at currency auctions. The regulator said the policy seeks to conserve reserves, which have plunged more than 60 percent since the revolt to $13.6 billion last month.

“The trend is expected because of the devaluation but the magnitude is above expectations,” said Mona Mansour, chief economist at Cairo-based investment bank CI Capital, who has forecast an annual inflation rate of about 5.8 percent. “We see more inflationary pressures because we are expecting further devaluation for the currency.”

More on: http://amwalalghad.com/en/news/egypt-news/14262-egypts-inflation-rate-jumps-most-in-two-years-as-pound-weakens.html

Egypt-actus's insight:

 

Augmentation mensuelle du prix des cigarettes de 8%; Electricité de 5,9%.

Augmentation annuelle du prix de l'électricité de 35,7%; du gaz naturel et du gaz butane de 70,7%; des services médicaux de 29,2% (consultations médicales augmentées de 41,8%)

 

http://www.masress.com/masrawy/5518698

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Egypt Inflation at Highest Since May Fuels Rate Speculation

Egypt Inflation at Highest Since May Fuels Rate Speculation | Égypt-actus | Scoop.it

Egypt’s inflation accelerated last month to the highest level since May 2012 amid a weakening currency, bolstering the case for higher interest rates.

 

The annual urban rate climbed to 8.2 percent from 6.3 percent in January, according to the state-run Central Agency for Public Mobilization and Statistics today. Prices rose 2.5 percent in February from the previous month.

 

“The weakening currency is a major driver behind this broad inflationary trend,” Mohamed Abu Basha, an economist at Cairo-based investment bank EFG-Hermes Holding SAE, said by phone. “This increases the possibility of a rate hike.”

 

The pound has dropped more than 8 percent against the dollar since Dec. 30, according to data compiled by Bloomberg, as the central bank started capping the amount of dollars each lender can buy at currency auctions. The regulator has said the policy seeks to conserve reserves, which have plunged more than 60 percent from their pre-revolt levels to $13.5 billion last month.

High prices were among the reasons that fueled the 2011 uprising that unseated former President Hosni Mubarak.

 

http://www.bloomberg.com/news/2013-03-10/egypt-inflation-at-highest-since-may-fuels-rate-speculation.html

 

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Food price inflation rises to 8.2 % in Egypt

Food price inflation rises to 8.2 % in Egypt | Égypt-actus | Scoop.it
Egypt-actus's insight:

According to the Central Agency for Public Mobilization and Statistics (CAPMAS), food price inflation in Egypt rose up to 8.2 percent on an annual basis in January 2013 and 2.7 percent on a monthly basis.

The Bureau of Statistics released figures on Sunday stating that the consumer price inflation rose up to 6.6 percent on an annual basis and 1.8 percent on a monthly basis.

It reported that the consumer price inflation in the cities rose to 6.3 percent on an annual basis in January 2013 from 4.7 percent in the previous month, and on a monthly basis record inflation of 1.7 percent compared with 0.2 percent in December.

The annual inflation rate for consumer prices in the countryside rose up to 6.9 percent and two percent monthly.

Meanwhile, the government had advised the citizens “not to over-eat,” according to a local newspaper.

It is worth mentioning that prices hikes were one of the reasons that instigated an uprising in 2011.

 

This content is from :Aswat Masriya
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