2024-01-31 20:39:00
10:39 PM Wednesday, January 31, 2024
Books – Mustafa Eid and Manal Al-Masry:
Economists and bankers said that the US Federal Reserve’s decision today to stabilize the interest rate will not have any impact on the central bank’s decision tomorrow, Thursday, in the first Monetary Policy Committee meetings during the year 2024.
The Federal Reserve (the US central bank) announced a short while ago that it would keep the interest rate unchanged in a range between 5.25% and 5.5% for the fourth time in a row.
This comes one day before the Monetary Policy Committee of the Central Bank of Egypt meets tomorrow to discuss the fate of interest rates, which have stabilized since last August at 19.25% for deposits and 20.25% for lending.
Hani Genena, economic expert, chief economist and investment strategist at Cairo Capital Securities Trading Company, told Masrawy that the Federal Reserve’s decision to fix the US interest rate today will not have any impact on the decision of the Central Bank of Egypt at its meeting tomorrow.
Genena attributed this to the fact that the economic mechanisms in Egypt are currently completely isolated from the United States, and have no relationship with it in light of the internal economic conditions that Egypt is suffering from, and the external factors that are more influential than the American interest rate decision.
Mohamed Abdel-Al, a banking expert, told Masrawy that the Federal Reserve’s decision to fix the US interest rate at its meeting today will not have an impact on Egypt, but it means that external factors will remain stable and the situation will remain as it is.
He explained that the Fed’s fixing of interest rates is linked to the American economy, and will not have any impact on Egypt.
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