CAIRO – The Egyptian cabinet media center denied news circulated alleging that Egypt has registered the highest real interest rate worldwide, affecting indices of the Egyptian economy in a negative manner.
In a statement on Saturday, the center said it contacted the Central Bank of Egypt (CBE) which asserted that its monetary policy committee sees that the basic interest rates go in line with the inflation rate targets which hit 7% in average during the fourth quarter of 2022, as well as with the stability of prices on the medium-term.
It added that the Egyptian economy managed to achieve positive growth rates amid the spread of the coronavirus pandemic, recording 3.6% in 2019/2020 fiscal year and 3.3% in 2020/2021 FY.
The center called on all media outlets to verify the authenticity of news before publishing it.
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