Egypt interest rates under review
Economic expert Mustafa Badra confirmed that interest rates in Egypt have not decreased so far and are expected to remain stable in the near future if the economic conditions continue positively. He pointed out that inflation is still rising due to the repercussions of the Russian-Ukrainian war and global crises, expecting that its effects will last for a period ranging from one to a year and a half. He explained that the increase in worldwide oil prices to between $100 and $110 per barrel heightens inflationary pressures in Egypt, while the depreciation of the Egyptian pound by about 85% against major currencies adds to the economic challenges. Additionally, he addressed the repercussions of the Russian-Ukrainian crisis and its impact on Egypt’s resources, such as the Suez Canal and shipping costs. He clarified that the difficult economic conditions that began after 2011 have increased the debt burden, with a conference scheduled for October to discuss the size of the debt and its consequences.
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