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Wednesday, 28 December 2016

Central bank seen leaving rates on hold tomorrow

The central bank is expected to keep its interest rates unchanged at its Monetary Policy Committee (MPC) meeting tomorrow, Reuters reported. Seven of 11 economists polled by the newswire said they expected the MPC to leave rates unchanged, “holding fire on further action until the impact on inflation of last month’s steep hike in borrowing costs becomes clearer.” EFG Hermes’ Mohamed Abu Basha said, “We don’t see [the central bank] moving on interest rates before a few more inflation readings to have a clearer view on inflation trends." Four respondents to the Reuters poll forecast a hike — two of 50 basis points, one of 150 points and one of 200 points.

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