The Chairman of the National Bank of Egypt, Mohamed al-Etreby, announced that interest rates are expected to decrease by three to six percent over the coming year, anticipating a decline in inflation rates.
In a meeting with Prime Minister Mostafa Madbouly and a number of investors from various sectors, he added that that inflation will decrease and interest rates will decline between three percent and six percent during 2025.
Madbouly met with a number of investors in various sectors following the Cabinet meeting on Wednesday to review the challenges facing the private sector and listen to their visions and perspectives on the measures that the state can take to move forward in various sectors during the coming year.
This comes as a continuation of a series of meetings that the Prime Minister held with journalists, editors-in-chief, writers, and intellectuals.
The Central Bank of Egypt‘s monthly inflation report revealed that the annual rate of core inflation decreased to 23.7 percent in November, compared to 24.4 percent in October.
This coincided with a decrease in the monthly core inflation rate to 0.4 percent in November 2024, compared to 1 percent in November 2023, and 1.3 percent in October 2024.
These monthly developments in core inflation reflect a decline in the prices of basic food commodities such as poultry and eggs, although the decline was partially offset by an increase in the prices of certain services such as rent.
The monthly rate of general inflation recorded five percent in November 2024, compared to 1.3 percent in November 2023, and 1.1 percent in October 2024.
Edited translation from Al-Masry Al-Youm
