Private sector loans in Egypt jumped by 26.7 percent during the first ten months of this year, an increase of EGP 547.6 billion.
According to data from the Central Bank of Egypt, financing for the private business sector rose to EGP 2.6 trillion by the end of October, compared to EGP 2.04 trillion by the end of 2023. Thus, loans granted to the private sector accounted for 20.5 percent of the total Egyptian credit granted to customers by the end of last October.
The Central Bank of Egypt's Monetary Policy Committee raised key interest rates by 800 basis points during the first quarter of 2024, to settle at 27.25 percent for deposits and 28.25 percent for lending, with the aim of curbing rising inflation.
Source (Al-Arabiya.net Website, Edited)
