CBE decision to raise interest rate contributes to reducing inflation

CAIRO – 7 July 2017: Bankers and financial experts described the decision of the Central Bank of Egypt (CBE) to raise the interest rate by two percent as "positive", saying it would contribute to control the inflation.

In statements to MENA on the sidelines of "Boosting Financial stability" forum which kicked off today in Sharm el Shiekh, the bankers envisaged a retreat of the US dollar against the Egyptian pound in the coming period.

The flow of investments led to the notable retreat of the US dollar over the past few days, Suez Canal Bank Chairman and Managing Director Hussein Refaei said.

Meanwhile, ex-assistant executive director at IMF Fakhry el Fekki expected that the the US dollar would go down to 16 Egyptian pounds in the coming period.