For the second time in a month and a half, contrary to most economists' forecasts,
The Egyptian central bank announced in a statement , yesterday, Thursday , that it raised the interest rate by 2% to 18.75% on deposits and 19.75% on lending, "for a temporary period, targeting to reduce inflation and maintain the purchasing value of the pound."
The first quarter of the current fiscal year 2017-2018 is expected to witness a new inflationary wave, following the increase in fuel & electricity prices and raise VAT to 14% instead of 13% all of them, recently or days ago, which jumps to annual inflation levels to 35-36% after slowing in May for the first time since the devaluation of the pound ,November 2016.
Deputy Treasury Secretary for Treasury Affairs, told Reuters on Saturday morning that the budget for the current fiscal year, did not take into account the increase in interest in the last two times.
Raising interest may be important at the moment to increase the attractiveness of government debt instruments ( Treasury bills and local bonds ) to foreign investors.
ليست هناك تعليقات:
إرسال تعليق