As such, the central bank is expected to begin to reduce interest rates, as long as inflation remains within target levels. With a return to stability, the central bank also returned the reserve requirement on deposits back to 14% in October 2017. He says that he is waiting for approval from the central bank, which is not forthcoming. Reforms of the laws that govern the central bank are under discussion, and they could create the space for more innovation. The NBE’s Farouk says Egypt’s banking sector will increasingly be digital.
Source: The North Africa Journal October 08, 2018 09:45 UTC