Central bank in Egypt to lower reserve rate
Local banking sources expect the Egyptian Central Bank to lower the reserve rate from 15 to 10 percent in the near future, reports Al-Sharq Al-Awsat daily. Up to EP 8 billion worth of liquidity will be made available as a result of the change.
If funneled into the local economy, the liquidity may alleviate the prevailing economic recession crisis. In addition, the liquidity volume is expected to strengthen credit power of local banks.—(MENA Report)
© 2001 Mena Report (www.menareport.com)