Egypt News

Egypt's central bank won't ignore what is happening in global markets, according to a statement issued by Governor Farouk Al-Okdah He said that “we will pursue the policy that still achieves our overall objective, but we will not by any means ignore what is happening in the market and ensure that the growth will happen”

Al-Okdah added that the bank also doesn't plan to support the Egyptian pound, which has depreciated 3 percent against the dollar since July 2.
”I don't see any concern about the pound's weakness”, he said.
On Sept. 19, the central bank increased its benchmark interest rate for the sixth time this year as inflation soared. The benchmark overnight deposit rate rose by half a point to 11.5 percent and the overnight lending rate by the same amount to 13.5 percent. The bank has increased the rates by 2.75 percentage points this year.
The economy in Egypt, the Arab world's most-populous nation, will probably expand 7.1 percent in 2009 compared with 7 percent in 2008, the International Monetary Fund said on its Web site.

EGYPT NEWS

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