The central decision to reduce the interest rate is a catalyst...

Mohamed Badir, managing director of Bank Audi – Egypt confirmed; The Central Bank’s decision to reduce interest rates on banking transactions “deposit and borrow” by 0.5% during the Monetary Policy Committee meeting last week; It greatly contributes to stimulating foreign and domestic investments in the Egyptian market, which contributes to raising growth rates and providing more job opportunities for youth.

And“Badir” said in statements to him today, that Lower the interest rate It would help to increase borrowing from banks at easy and low interest, which would contribute to the expansion of companies and economic entities in their work, which would be reflected in employment and employment opportunities and accelerate the processes of rotating the wheel of the economy to absorb the recession left behind. Corona pandemic Ali global markets.

Also read:

Badir explained that lowering the interest rate helps to attract customers in retail banking products, including consumer loans, to boost economic growth, in addition to the decline in government borrowing costs, which contributes to reducing the public debt burden and reducing the budget deficit.

Badir pointed out that lowering the interest rate is a catalyst for the banking products system of Bank Audi Egypt, especially as it is characterized by a competitive return in line with the procedures announced by the Central Bank of Egypt and in accordance with what is applied by the banking system.

Badir attributed the decision of the Monetary Policy Committee during the last meeting to the decision; Due to the improvement in the general inflation rates, recording a decline of 3.4% at the end of last August, being the lowest rate since last October, in addition to recording the core inflation rate of 0.8% in the previous August compared to 0.7% in July of the same year; In addition, the growth rates reached 5.3% at the end of the last fiscal year compared to 5.6% in the first half of the same year, and unemployment rates reached 9.6% in the second half of this year, compared to 7.7% in the first quarter of the same year.

He added that the statement of the Monetary Policy Committee confirmed that in light of containing inflationary pressures and all domestic and global developments, the committee decided to reduce the basic interest rates of the central bank by 50 basis points, which is consistent with achieving price stability in the medium term, and also provides for lowering the basic return rates in Committee meeting support appropriate economic activity at the present time.