Investment bank EFG-Hermes Holding SAE projects average inflation to rise to 10% in 2014 and 14% in 2015.

The rate move means the central bank is “expecting an aggressive increase in inflation to an extent that can impact growth through hurting private spending,” Mona Mansour, chief economist at Cairo Financial Holding, said in the article. “They are prioritizing fighting inflation over attracting investments.”

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Max Chen contributed to this article.