Egyptian traders chat at Egypt's benchmark stock in Cairo, Egypt, Tuesday, June 26, 2012. (AP Photo/Amr Nabil)
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Egyptian stocks fell the most in the world Monday after the central bank unexpectedly raised interest rates to contain surging prices, a month after IMF remarks that were seen favoring higher borrowing costs to tame inflation.The Monetary Policy Committee raised the benchmark overnight deposit rate by 200 basis points, or two percentage points, to 16.75 percent, the bank said late Sunday.All but one of the seven economists surveyed by Bloomberg had forecast the rate to stay unchanged.The move helped finalize a $12 billion loan from the IMF and encouraged new international investments.The move comes a month after the IMF said curbing inflation should be Egypt's top priority.The government expects inflation to average 23 percent in the next fiscal year, and ease to 9.7 percent the year after.
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