Mohamed Badir, President of QNB Bank: The Central Bank’s decision to raise interest rates is a proactive step to confront global changes
The CEO of QNB Al Ahli Bank added, in press statements, that raising interest rates enhances the ability of the economy. Al-Masry wanted to confront these global repercussions, curb inflation, and work to protect the economic gains brought about by the economic reform program, noting that the economic reform program had the greatest role in mitigating the repercussions of various crises on the Egyptian market. The Monetary Policy Committee of the Central Bank of Egypt had decided, in its extraordinary meeting, to raise the overnight deposit and lending rates and the price of the main operation of the Central Bank by 75 basis points to reach 9,50 % and , 50 % and 9, 75%, Respectively. The credit and discount rate was also raised by 881 basis points to reach 9, %.