Cheap money is history: Central banks around the world are raising interest rates at the fastest rate in more than two decades, according to analysis by the Financial Times. Monetary policymakers have hiked rates more than 60 times since March, the largest number since at least the turn of the millennium, the salmon-colored paper writes.

Oil + gas exporters are loving life right now:

• Saudi oil exports hit six-year high: The value of Saudi oil exports more than doubled y-o-y in March as the oil-rich nation capitalized on surging prices to bring in USD 30 bn during the month — the highest in at least six years. (Bloomberg)
• Qatar gas revenues surge: Qatar’s gas revenues more than doubled to QAR 43.5 bn in April as more countries turned to the country’s gas in response to the war in Ukraine. (Bloomberg)

Other stories getting ink in the global business press:

• One of the world’s largest accountancy firms could break itself up: Big Four accountancy firm EY is looking to either publicly list or partially sell its global advisory business, as it looks to shake off regulatory scrutiny following a string of accounting scandals. (FT)
• The RUB is too hot right now: Russia slashed interest rates by 300 bps on Thursday in a bid to put a ceiling over the RUB, which has soared to become one of the world’s best-performing currencies due to capital controls imposed in response to Western economic sanctions. (FT)

THE CLOSING BELL-

The EGX30 fell 1.1% at yesterday’s close on turnover of EGP 298 mn (64.6% below the 90-day average). Local investors were net buyers. The index is up/down 15.6% YTD.

In the green: GB Auto (+7.3%), AMOC (+0.9%) and Fawry (+0.8%).

In the red: Oriental Weavers (-5.4%), Heliopolis Housing (-4.6%) and EFG-Hermes (-3.5%).