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Egypt nets $1 bln in foreign investment within two days of rate hike

Published: Updated:

Egyptian Central Bank Governor Tarek Amer said that nearly $1 billion in foreign investment entered Egypt within two days of the bank’s decision to hike interest rates last week, state news agency MENA said on Sunday.

The central bank raised its key interest rates by 200 basis points last week, citing stronger economic growth and falling unemployment, its first rate hike since a 300 basis point
increase in November.