CAIRO – 17 November 2020: Standard Chartered Bank expected the Central Bank of Egypt (CBE) to keep interest rates unchanged in coming meetings, Director, Economist MENAP & Turkey, Financial Markets at the Bank Carla Slim, told Egypt Today (ET). Slim clarified that this anticipation comes as inflation is expected to pick-up gradually back towards the CBE’s 9 percent (+/-3 percent) target. Regarding CBE’s latest decision to cut rates by 50 basis, the Economist noted that the cut came in line with Standard Chartered consensus expectations. “In the meantime, annual core inflation increased to 3.9 percent in October 2020 up from 3.3 percentin September 2020. Nevertheless, annual inflation rates continued to reflect muted inflationary pressures,” it added.

Source: Egypt Today November 17, 2020 10:30 UTC