Mina Rafiq, director of research at Al-Marwa Securities Brokerage Company, expected, in an interview with Al-Arabiya, that the Monetary Policy Committee of the Central Bank of Egypt would fix interest rates at the upcoming meeting this week.
Rafik said that the decision to fix interest will contribute to supporting the private sector by providing financing at relatively reasonable prices.
He added that the increase in interest in Egypt will not contribute to attracting large foreign inflows at the present time, amid investors’ focus on government offerings.
Last March, the Central Bank of Egypt raised the main interest rates by 200 basis points, following a meeting of the Monetary Policy Committee.
The bank set the overnight lending rate at 19.25% and the overnight deposit rate at 18.25%.
The monetary policy committee of the bank decided to raise the price of the main operation of the central bank by 200 basis points, to reach 18.75%, and it was also decided to raise the credit and discount rate by 2%, to reach 18.75%.