By: Ahmed Allam

Cairo – Mubasher: Interest rates in Egypt are forecast to continue its downward trend in 2020, a senior analyst at Beltone Financial, Alia Mamdouh, said.

The Central Bank of Egypt (CBE) will likely deliver another interest rate cut of 3% during the next year, she added on the sideline of a press conference held on Sunday.

As the Egyptian pound strengthens and inflation rate slows to below 10%, interest rates will likely be lowered during the first half of 2020, she noted.

On 14 November, the CBE decided to reduce interest rates by 100 basis points (bps), cutting the overnight deposit rate, the overnight lending rate, and the rate of the main operation to 12.25%, 13.25%, and 12.75%, respectively.