Egypt central bank seen keeping main interest rates on hold – Gulf Today

Egypt central bank seen keeping main interest rates on hold – Gulf Today

Egypt central bank seen keeping main interest rates on hold. Even before the coronavirus crisis, analysts had argued for interest rate cuts to stimulate sluggish private sector growth.. Egypt's GDP growth for the fiscal year that begins on July 1 could fall to 3.5 per cent if the coronavirus crisis continues until December, Planning Minister Hala al-Saeed said on Thursday, down from previous estimates of around 6 per cent.. The exchange rate for the dollar used in the draft budget is equal to the prevailing average exchange rate in the market between Jan.1 and March 31, the ministry said.. The rate used in the 2019-20 budget was 17.46 Egyptian pounds per dollar..