Hala el-Saeed, the Egyptian Minister of Planning revealed that Egypt achieved real economic growth of 5.4 percent in the first half of the fiscal year 2018-2019, which started on July 1.
She explained that "Egypt aims at achieving a real economic growth rate of 5.6 percent in the second half of the current fiscal year," pointing out that "during the fiscal year 2017-2018, the Egyptian economy grew by 5.3 percent, recording the highest growth rate in 10 years".
The Egyptian economy benefited from the stability of the local currency during the past two years, after the floating of the pound in November 2016.
According to Bloomberg Agency, Egypt's interest rates are the second highest in emerging markets after Argentina and the risks are lower in Cairo than in Buenos Aires, which increases the attractiveness of Egyptian instruments in the eyes of foreigners. The demand for foreigners is also driven by expectations that the Egyptian Central Bank will cut the interest rates as inflation rates fall.
Source (Asharq Al-Awsat newspaper, Edited)
