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Wednesday, 17 July 2019

Egypt’s interest rate forecast to hit 14.75% in 12 months

Egypt’s interest rate could fall to 14.75% in one year’s time, Trading Economics (TE) said in a forecast picked up by Ahram Online showed. The rate could stand at 13.75% in 2020, predicts TE, which compiles economic and financial indicators. The Central Bank of Egypt’s Monetary Policy Committee left the overnight deposit rate unchanged at 15.75% at its meeting last Thursday, citing the recent subsidy cuts as a key consideration. Most economists we polled ahead of the meeting did not expect the central bank to make a move until 4Q2019. But expectations changed a little after fresh data later in the week showed that inflation hit a three-year low of 9.4%, leading some to expect that cuts could come earlier.

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