“We are in the right direction and we are moving very fast,” Amer says. (AP Photo/Amr Nabil, File)
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Egyptian central bank Gov. Tarek Amer said inflation in the most populous Arab country has peaked after policymakers responded to the surge in prices by raising borrowing costs to the highest level in more than a decade.Inflation has also surged to more than 30 percent, the highest level in decades. In response, the central bank has raised interest rates 700 basis points, or 7 percentage points to 18.75 percent for the benchmark overnight deposit rate.Gross domestic product accelerated to 4.9 percent in the fourth quarter of the fiscal year that ended June 30, from 4.3 percent in the previous three months.The central bank is targeting an inflation rate of 13 percent, plus or minus 3 percentage points, in the last quarter of 2018 .
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