Egyptian economist Hani Genena announced that the Central Bank of Egypt’s increase interest rate by three percent in March came as compensation for the period of the coronavirus pandemic.
During a telephone interview with “al-Mehwar” satellite channel, on Friday evening, he added that “There has been a shortage of US dollars since April, which is pushing traders to raise prices.”
“We will feel the central bank’s measures in April,” he added.
“From April, we will witness a decline in inflation rates, and in the same period the US dollar price will stabilize, which is a natural cycle of inflation in any country that undertakes economic reform.”
“The interest rate on real estate in America rose from three percent at the beginning of the year to seven percent,” he concluded.