“Kuwait National” expects the stability of the Egyptian interest with the stability of inflation

The National Bank of Kuwait has predicted the stability of bank interest rates in Egypt throughout the year in price, in light of the stability of the inflation rate within the target range of the Central Bank of Egypt, which is 7% with a range of movement of 2%.

He said “national” in The quarterly economic report published by the Department of Economic Research in itEgypt managed to reduce the repercussions of the Corona pandemic, spending on health aspects, taking into account financial sustainability.

The report indicated that the public finance situation is better than expected and the budget deficit narrowed to 7.4% of GDP in fiscal year 2020/2021, up from 8% last year.

The Egyptian government had confirmed in a statement last Wednesday that Egypt’s gross domestic product grew by 7.7% in the three months from March to the end of June, compared with a contraction of 1.7% in the same period last year.

The statement adds that the preliminary reading of GDP growth for the fiscal year 2020-2021, which ended June 30, is around 3.3%.

The statement said Egypt expects growth of 5.4% for the fiscal year in course, started in July.

The Minister of Planning and Economic Development, Hala Al-Saeed, reviewed, during the cabinet meeting, the first indicators of the trend of the economy in the last quarter and in the fiscal year 2020/2021.

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