Cairo – Mubasher: Pharos Research on Sunday expected that the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) will not change the interest rates in its meeting on Thursday.
Despite the positive expectations concerning the inflation rate, there are three challenges face the efforts to reduce it: the increase in global oil prices and in Egypt’s domestic demand, in addition to the normalisation of monetary policy in the developed economies, Pharos added.
The domestic demand’s increase came after Egypt's annual growth rate reached 5% in the fourth quarter of the fiscal year 2016-2017 and the first quarter of FY17-18, compared to 3.6% during the first six months of FY16-17, Pharos’ data showed.
The recent growth can be attributed to development witnessed in oil and gas production, and in the services and tourism sectors, Pharos research remarked.
