In an interview with RT, economist Hani Aboul Fotouh ruled that the Central Bank of Egypt is holding an extraordinary meeting to discuss monetary policies amid the high rate of inflation, and expects a slight increase in the rate of inflation. interest.
Aboul Fotouh said: “The Monetary Policy Committee of the Central Bank of Egypt will hold a meeting as scheduled on May 19, after an official source refused to hold an extraordinary meeting this week to make urgent decision in response to the Federal Reserve’s recent decision. in the context of the 0.5% interest rate increase in the last meeting, which preceded the previous 0.25% increase and the interest rate on the US dollar moved to 1%. He added: “This will affect the decision of foreign investors in government debt instruments in emerging markets, prompting them to leave those markets, including Egypt.”
He stressed that “although the annual inflation rate in Egypt rose to 14.9% last April, the highest level since November 2018, due to rising prices of all commodities, especially food. , we expect the Monetary Policy Committee to raise interest rates. ” rates in a range between 2% and 4% by the end of this year, while the next meeting is likely to see an increase of 1% ”.
Nasser Hatem – Cairo
Source: RT
Source: Arabic RT
