Central Bank of Egypt expected to keep interest rates unchanged

The Central Bank of Egypt will most likely keep interest rates unchanged during its upcoming Monetary Policy Committee (MPC) meeting on Thursday, a number of economists have said.
Deposit and lending rates are currently at 16.75 and 17.75 percent respectively.

Managing Director of Multiples Group Omar El-Shenety says that despite the easing of inflation, a wave of price increases is expected in fuel and electricity, in addition to the latest public transportation price increases.

“The application [of price increases] will be aggressive,” says El-Shenety.

The increases are part of Egypt’s economic reform programme and will be driven by the increase in oil prices to over $70 per barrel, says El-Shenety.