Egypt: $1 bln in foreign investment netted within two days of interest rate hike

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 raise interest rates last week, state news agency MENA reported 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.

Source: Reuters