By Al-Sayed Sulaiman
Cairo-Mubasher: The Central Bank of Egypt (CBE) will meet later on Thursday, taking into account the moves of major central banks around the world about interest rate especially after the Federal Reserve lifted the rate for the first time in nearly 10 years.
However, the CBE is unlikely to change the interest rate for some reasons, including high interest rates on deposits.
Unlike its regional peers, the bank is expected to fix the rate, according to three experts polled by Mubasher.
Kuwait, Saudi Arabia, Bahrain and the UAE raised the interest rates after the Federal Reserve's decision.
"I don’t see any signs that would push the central bank to raise the interest rate as it is largely higher than that of the U.S.," said Hani Genena, senior analyst at Pharos Research.
He added that the second reason is that the CBE earlier raised the interest rate on deposits by 12.5%, with almost flat rates on treasury bills.
Translated by Abdul Maguid Aboshahla
