Russia-Ukraine war: Recent News

Egypt’s central bank raised its key interest rate at a meeting of policymakers on Monday, citing the rise in inflationary pressures following Russia’s occupation of Ukraine for three days.

Like many countries in Africa, Egypt relies heavily on Ukraine and Russia for wheat imports. According to the United Nations, more than 80% of its wheat imports came from warring countries between 2018 and 2020. Egypt is the world’s largest wheat importer.

The Central Bank of Egypt has raised its key interest rate from 9.25% to 10.25%. The central bank was scheduled to announce its latest policy decision on March 24.

“Global inflationary pressures began to develop after the global economy emerged from the devastation caused by the COVID-19 epidemic,” it said. “These pressures have increased with the recent Russia-Ukraine conflict.”

The invasion disrupted grain exports from Ukraine via the Black Sea and raised suspicions in the country. Ability to plant for the next harvest.

Egypt is by no means an African country that relies heavily on Russian and Ukrainian food. According to the UN, Somalia and Benin each rely entirely on wheat imports from 2018 to 2020. Despite other wheat sources, world prices have risen since the invasion.

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