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Thursday, 22 September 2022

Anticipation ahead of MPC meeting + gold deposits at banks?

It was something of a slow night on the airwaves last night, with talking heads focusing on the Federal Reserve’s latest interest rate hike and how it would impact our central bank’s decision when its monetary policy committee meets today to decide on interest rates.

Some want the CBE to keep rates unchanged: Bassim Youssef, a member of the Federation of Egyptian Industries (FEI), told Salet El Tahrir (watch, runtime: 13:56) that he believes that keeping rates steady would be a better alternative to raising rates. “We need to find other ways to obtain USD,” Youssef said, stressing the necessity of resolving the USD shortage to release shipments stuck at ports. Banking expert Sahar El Damaty told Yahduth Fi Masr (watch, runtime: 6:38) that she expects the EGP to weaken further against the USD in the coming weeks.

Gold deposits at banks? Businessman Ahmed Abo Hashima told Yahduth Fi Masr’s Sherif Amer (watch, runtime: 3:54) that he wants the public to be able to deposit gold in banks and earn interest, a move he said would help bring prices down and strengthen the EGP against the greenback.

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