Hiking interest rates to support efforts of containing inflation – bankers

CAIRO – The decision of the Central Bank of Egypt (CBE) of increasing the interest rates by 200 basis points supports the country’s effort to curb inflation rates and maintain the exchange rates, bankers told MENA.

President of Banque Misr Mohamed el Etribi said the Monetary Policy Committee (MPC) decision to raise interest rates targets handling the consequences of the rising inflation and pushing prices lower again.

He added that the one-year saving certificates, with an 18 percent annual yield, offered in March, are still available for the clients, noting that the bank has garnered EGP 216 billion from these certificates till now.

Meantime, president of the United Bank Ashraf el Qadi said that CBE used its mechanism to contain the rising inflation and return it to its normal targets, which have been affected by the consequences of the global outbreak of the coronavirus, global supply chain disruptions, and the Russia-Ukrainian war.