Traders work at the Egyptian stock exchange in Cairo, May 28, 2015. REUTERS/Mohamed Abd El Ghany
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Interest rates and fiscal measures are among the tools Egypt could use to control one of the highest inflation rates among emerging markets, a senior International Monetary Fund official said, creating speculation the Washington-based lender is recommending higher borrowing costs.At a news conference Friday, he said interest rates are "the right instrument" to manage Egypt's inflation.Consumer price inflation surged to more than 30 percent after Egypt floated the pound and reduced fuel subsidies in November, steps that helped the country secure a $12 billion, three-year IMF loan program to ease a dollar shortage that had crippled business activity.Separately, the IMF said it will also hold talks with authorities over fuel-subsidy cuts.
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