Mohamed El-Etreby, head of the Egyptian Banks Association (EBA), said that the decision to raise the interest rate was inevitable by the Central Bank to address inflation.
He added, during a telephone interview with the media, Ramy Radwan, on his DMC evening program broadcast on the DMC channel, that the central bank raised 2%, and this is the minimum event if we had not taken this, we would have reached an inflation rate of 70%.
El Etreby pointed out that he witnessed in 2017 when inflation rose significantly. He indicated that as we do not control the war between Russia and Ukraine and do not know when it will end, but there is a strategy by the Central Bank to confront it.
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