The Monetary Policy Committee convenes bcentral bankIts meeting today, Thursday, to review interest rates For the coming period, after they kept the interest rate unchanged, at their last meeting on September 16 for the seventh time in a row, investment banks expect interest rates to be fixed for several reasons.
The National Investment Bank, Pharos, expected that the Monetary Policy Committee would keep interest rates at their current levels unchanged despite the increasing global pressures, due to the fact that the pace of global inflation was rising amid implicit or explicit messages sent by the US Federal Reserve about pursuing a monetary tightening policy in light of the pressures. On the other hand, domestic inflation trends are still within the target range of the Central Bank of Egypt.
He added that the Egyptian economy is resorting to a facilitative policy to support the investment environment and attract investors to government proposals, and most importantly, the economy needs to keep interest rates and the budget deficit under control.
Last month, the Ministry of Finance offered international bonds worth $3 billion, and the offering met a coverage rate of about 3 times, which contributed to reducing interest rates to less than what was achieved during previous issues that took place during the past year.
And the Research Department of HC Securities and Investment agreed with it about keeping the interest rate unchanged at its meeting today, explaining that the inflation rate in Egypt remains within the central bank’s target range of 7% (+/- 2%) for the fourth quarter of 2022, and that It averages 5.9% in the fourth quarter of 2021. However, we believe that the rise in international prices of oil and other basic commodities imposes significant inflationary pressures at the domestic level, especially in light of the recent official statements about the government’s intention to reduce the support bill.
The Monetary Policy Committee of the Central Bank of Egypt kept the overnight deposit and lending rates and the central bank’s main operation rate at 8.25%, 9.25% and 8.75%, respectively, as well as keeping the credit and discount rate at 8.75%.
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