Three investment experts agreed that Egypt’s interest rates are still relatively high, despite the latest decision of the Central Bank of Egypt (CBE) to cut interest rates by 1%. The Monetary Policy Committee of the CBE cut the overnight deposit rate and the overnight lending rate at 15.75% and 16.75%, respectively, during 2019’s first meeting on Thursday.
Alaa Omar, the former CEO of the General Authority for Investment and Free Zones (GAFI), welcomed the decision taken by the CBE to cut the interest rates by 1%. However, he also said that Egypt’s interest rates are still relatively high.
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Source: Daily News Egypt