The US Federal Reserve’s decision to raise interest rates was expected, Mohamed Kamal, an expert in the financial sector, said, expecting Egypt to raise interest rates as well soon. The US Fed Reserve raised interest rates by 50 basis points on Wednesday, while new increases are expected to be announced soon, bringing the total to 100 basis points. With regard to the Egyptian economy, he said that the Central Bank of Egypt had to raise interest rates earlier in 2022 due to the rise in local inflation rates. Now that the US Federal Reserve’s decision came as another pressing element, Egypt is expected to raise local interest soon again. Kamal said banks in Egypt issued certificates with a distinct interest rate of 18 percent to control inflation rates and collect cash.
