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African central banks plan interest rate hikes, enough to limit economic shocks?

Nigeria, Egypt, and South Africa could hike monetary policy rates within the next week, as central banks tighten monetary policy to attract portfolio flows to the region and stem spiralling inflation.

In Nigeria, the Monetary Policy Committee (MPC) will meet early this week to discuss whether the Monetary Policy Rate (MPR) will rise above 14% – a level unseen since official records began in 2006. This would be the third hike that the committee has made this year following two others in May and July, which saw rates increase from 11.5% to 14%.

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