The National Bank of Kuwait expected the stability of bank interest rates in Egypt during the current year, in light of the stability of the inflation rate within the target range of the Central Bank of Egypt, which is 7% with a movement range of 2%.
In the quarterly economic report issued by the Department of Economic Research in it, “The National” said that Egypt succeeded in reducing the repercussions of the Corona pandemic, by 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 shrank to 7.4% of GDP in the 2020/2021 fiscal year, compared to 8% last year.
The Egyptian Cabinet had confirmed in a statement last Wednesday that Egypt’s gross domestic product grew 7.7% in the three months from March to the end of June, compared to a contraction of 1.7% in the same period last year.
The statement added that the preliminary reading of GDP growth for the fiscal year 2020-2021, which ended on June 30, is about 3.3%.
The statement said that Egypt expects a growth of 5.4% for the current fiscal year, which began in July.
The Minister of Planning and Economic Development, Hala Al-Saeed, reviewed, during the cabinet meeting, the initial indicators of the performance of the economy during the last quarter and the fiscal year 2020/2021.