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Omnia Ibrahim
The Monetary Policy Committee of the Central Bank has just decided to reduce policy rates by 1.5 percentage points, from 15.57% for deposits, 16.75% for loans, to 14.25% for loans. deposits and 15.25% for loans.
The Habi newspaper was waiting in its issue last Sunday to cut interest rates by one percentage point.
The MBM's decision was in line with market expectations, following the sudden and significant drop in underlying inflation in July, despite financial reform measures and rising energy prices .
Annual inflation fell to 8.7%, its lowest level in nearly four years, and annual core inflation prepared by the central bank fell to 5.9% in July.
Macro economists and finance and banking executives announced in a survey published Sunday in the newspaper HAPPI that interest rates would be reduced by one percentage point, pointing out that market conditions in the market at home and abroad were more favorable than ever and stimulated exceptionally the resumption of the monetary easing cycle.
They based their forecasts on several factors, including a sharp drop in inflation, a rise in the real interest rate to around 7% positive interest, external factors that reinforce the interest rate. The central bank's approach to monetary easing, including Fed rate cuts and the possibility of lower rates from the European Central Bank. A number of emerging markets have reduced their interest rates, particularly in Turkey.
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