Ashraf El Kady, president of the United Bank commented on The Central Bank latest decision regarding the interest increase of 2%

22/05/2022

Ashraf El Kady, president of the United Bank commented on The Central Bank latest decision regarding the interest increase of 2%, saying that The Central Bank of Egypt is using it's own tools and mechanism to control the inflation keeping it at bay trying to driven it back to the acceptable levels.

Adding that those levels were soared as a result of global influences beginning with the Covid-19 pandemic , supply chain deceleration, and the Russian- Ukrainian war.

El Kady pointed out that the increase will affect economic turnover. But it will stay at a reasonable turnover level to meet the Egyptian citizen essential needs.
Ashraf El Kady high lighted that It's not expected that large banks could issue new certificates higher than those of 18% that are already existing. As those ones are already fulfilling their purpose of cash withdrawal from the market.

El kady added that those procedures are compatible with market powers and will be well balanced soon by God's grace.