Egypt's business community awaits more interest rates' cuts to boost investment

In Egypt, a country with a population that exceeds the 100 million mark, job creation is crucial for economic development, particularly when the authorities are wrapping up a tough economic reform programme implemented in coordination with the International Monetary Fund (IMF). The Central Bank of Egypt (CBE) cut interest rates by 1.5% on Thursday in a long-awaited step that the business community hopes it will be gradually continued.

According to many experts surveyed by Daily News Egypt, the more CBE cut interest rates, the more investment will flow, jobs will be created, hence people will reap the fruits of economic reforms, after more than three years of suffering from price hikes.

DNE raised the question of 'what are the most convenient interest rates that can prompt investments' flows?'. Experts responded that interest rates below the 10% mark, would boost business growth, encourage new investors to enter the Egyptian market, calling on CBE to their monetary easing cycle over the next period.