Arab Today, arab today egypt\s central bank mulls slight rise in interest rates
Last Updated : GMT 02:14:32
Arab Today, arab today
Arab Today, arab today

Egypt\'s central bank mulls slight rise in interest rates

Arab Today, arab today

Arab Today, arab today Egypt\'s central bank mulls slight rise in interest rates

Cairo - Arabstoday

The Central Bank may raise interest rates when it meets later Thursday, say experts, as concerns grow over Egypt's economic stability. The bank's Monetary Policy Committee (MPC) has pushed forward its eight-time yearly meeting to today instead of Sunday due to a national holiday. It will be the MPC's last meeting in 2011. The MPC is in charge of setting Egypt’s policy overnight lending rate and deposit rates, as well as the discount rate. The three key rates have been kept unchanged at 9.75, 8.25 and 8.5 per cent respectively, since September 2009. Beltone Financial, a leading Cairo-based investment bank, says that policy rates will likely remain unaltered. But a note from the bank this morning said there is a slight chance the CBE could opt to increase its policy rates a notch, either during this meeting or in its next scheduled one in February. An increase in rates could be intended to ease pressures on the Egyptian pound, which has been squeezed since the 25 January uprising, as fears of political instability have driven an increase in withdrawals and made people reluctant to deposit funds in the banking system. Beltone says that Egypt's current instability is expected to intensify pressures on the Egyptian pound, either in the form of dollarisation or in further bank withdrawals. "The CBE could therefore be inclined to raise interest rates to protect the local currency deposits, and to a certain extent, the EGP (Egyptian pound), especially that the CBE is running out of international reserves to support the currency," the bank's note explains.   On 2 November, Egypt’s two biggest public sector banks, National Bank of Egypt (NBE) and Banque Misr (BM), raised interest rates on their Egyptian pound three-year certificate of deposits (CD). Rates climbed from 9.5 to 11.5 per cent. Beltone warned, however, that an increase in interest rates would do little to correct Egypt's slow economic growth and the weak credit it offers to the private sector.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today egypt\s central bank mulls slight rise in interest rates Arab Today, arab today egypt\s central bank mulls slight rise in interest rates

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday