Mohammed Etribi, chairman of Banque Misr, said, "seventh day" The Committee on Asset Management and liabilities "ALICO" Bank of Egypt will meet on Monday to discuss raising interest rates on savings instruments and accounts of all kinds, after the central bank raised the interest rate by 1%, or by 100 basis points last Thursday.
He Etribi Mohammed, said that special steps to raise interest rates designed to absorb inflationary wave - rising prices of goods and services - stressing that raising interest rates over the past several months has contributed to attract a lot of liquidity of the citizens of the savings certificates of all kinds.
Egyptians turn in times of economic slowdown, high inflation rates, which reached last month to more than 12%, to employ surplus money in the investment safe havens and profitable check them back absorb the inflationary effects - the high level of goods and services - the prices and operating these investment pools the financial resources development through several means.
The Monetary Policy Committee, headed by Tarek Amer, Governor of the Central Bank of Egypt, decided last Thursday, raising the interest rate on the deposit and lending rates by 100 basis any point by 1%, from 10.75%, and 11.75% to 11.75% and 12.75% on respectively, and the price of credit and debit from 11.25% to 12.25%, the price of the main operation of the Central Bank from 11.25% to 12.25%, which attributed the decision to the high rates of inflation.
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