04:36 PM
Friday, March 31, 2023
Ayman Yassin, the banking expert
I wrote – Manal Al-Masry:
Ayman Yassin, a banking expert, said that the Egyptian market cannot afford to continue raising the interest rate and devaluing the Egyptian pound, pointing out that there must be a tendency to diversify production sources without relying solely on the policy of “extinguishing fires.”
He explained, in a live video with Masrawy, that Egypt is not like Lebanon, despite the difficult economic conditions it is currently going through, with its various productive sources and foreign exchange resources.
He explained that inflation (the rise in commodity prices) in Egypt resulted from the consequences of the supply shock and not from an increase in demand.
The Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting Thursday, to raise the interest rate by 2% on deposits and lending, in line with analysts’ expectations.
The overnight interest rate and the rate of the main operation of the Central Bank (Cordero), after the increase, recorded 18.25% for deposits, 19.25% for lending, and 18.75% for deduction and credit, according to the central bank’s statement regarding the interest decision.