The deputy governor of the CBE, Gamal Negm, said on the sidelines of the ‘strengthening the financial stability’ conference, held in Sharm al-Sheikh, that inflation is more serious to the investor over higher interest rates. He added that the CBE is independent in its decisions and there is no interference from the government. In related news, banks will begin, within days, meetings to study levels of interest rates after CBE the decision. A number of investors, on the other hand, criticized the decision and considered it a blow to most of the economic reforms. Mostafa al-Tuni, a member of the board of directors of 6 October Association of Investors, said that the decision is catastrophic, increases inflation, and kills the industry.

Source: Egypt Independent July 08, 2017 10:30 UTC