|11 September, 2019

Egypt's CBE seen to cut interest rates by 50 bps – EFG Hermes expert

The Central Bank of Egypt slashed interest rate by 150 bps in August

People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016.

People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016.

REUTERS/Mohamed Abd El Ghany

Cairo –  The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) is expected to cut interest rates by 50 basis points (bps) during its meeting later in September on the back of the drop in inflation, head of macroeconomic analysis at EFG Hermes Mohamed Abu Basha told Mubasher.

Abu Basha ruled out an increase in prices following the cancellation of the monthly customs exchange rate.

Egypt’s inflation rates are forecast to go down to their level before the floatation of the Egyptian pound, with expectations to register between 8-9% by the end of 2019.

In August, the CBE’s MPC decided to slash interest rate by 150 basis points (bps).

It is noteworthy that the North African nation's annual inflation declined to 6.7% in August, hitting its lowest level since March 2013.

Source: Mubasher Exclusive

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