Egypt's central bank chief - rates may fall again

Mahmoud Abul Oyoun, Governor of the Central Bank of Egypt (CBE) said it is likely that a new cut in the banking interest rate will be effective if the market needs this.

The latest decision cutting down the lending and discount rate by 1 per cent on the part of the CBE and the response by a number of banks to the decision was one of the most needed steps, given the sustained backtracking of interest rates worldwide, he added.

Addressing the capital market symposium that was devoted for discussi

To continue reading...