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Friday, January 26, 2024 4:12 p.m
We now show you the details of the news: Christine Lagarde: Tensions in the Middle East could lead to a rise in… From the finance and economics section
Dubai – Ahmed Fathi on Friday, January 26, 2024, 4:12 p.m. – Sky News – Egyptian European Central Bank President Christine Lagarde warned today, Thursday, that tensions in the Middle East and disruption to shipping in the Red Sea could lead to a lead to a renewed increase in inflation rates.
She told reporters in Frankfurt: “Risks that could lead to a rise in inflation include a rise in geopolitical tensions, particularly in the Middle East, which could lead to higher energy prices and shipping costs in the short term and hamper global trade.”
This came after the European Central Bank decided on Thursday to set its key interest rate at a record 4 percent, suggesting that core inflation is continuing to fall, thanks in part to increased borrowing costs.
“The downward trend in core inflation continued and previous interest rate hikes continued to have a strong impact on financing conditions,” Egypt’s European Central Bank said.
With its decision on Thursday, Egypt’s European Central Bank left the interest rate on bank deposits, considered a benchmark for borrowing costs in the euro zone, at 4 percent, the highest level since the bank’s founding, and confirmed that it will remain at that level for some time remain.
Lagarde confirmed at the same press conference that there was a “consensus” at Thursday’s meeting that “it is still too early to discuss rate cuts.”
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