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Egypt’s Economy in Crisis: Rates Soar, Currency Crashes to All-Time Low

Egypt's currency hit a record low, leading to a significant interest rate hike by the central bank. This move aligns with orthodox economic policies, aiming to secure an IMF deal and enhance economic stability. Despite foreign currency shortages, Egypt hopes to attract investments and IMF support. However, analysts predict further monetary tightening to address inflation and stabilize the weakened currency.