Central Bank of Egypt to Reduce Interest Rate

The Central Bank Of Egypt has lowered its overnight lending rate by 3 percentage points

The Central Bank Of Egypt has lowered its overnight lending rate by 3 percentage points, from 12.75% to 9.75%. The Monetary Policy Committee of the Central Bank of Egypt (CBE) affirmed that reducing the rates was taken as an exceptional measure, to maintain the prices stability in the medium term, which contributes to supporting economic activity in all sectors.

The decision to reduce the interest rate provides growth opportunities for the real estate sector, including improving the mortgage finance process and encouraging customers to purchase units with finance from banks or mortgage financing companies.

Mortgage finance rate has decreased, to start from 14% annual decreasing rate in the Arab African International Mortgage Finance Company.