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Egypt’s rate cut to boost property, gold and stock markets

Egypt’s central bank recently slashed key interest rates by 1.5%, triggering public concerns about a possible depreciation of the local currency.
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Egypt’s central bank slashed key interest rates by 1.5% on Aug. 22, triggering public concerns about a possible depreciation of the local currency. As locals are seeking a haven from inflationary pressures of the US dollar, real estate, gold and the stock market emerge as plausible answers.

Amr Abol-Enein, managing director of CI Capital Asset Management, dismissed any fears of dollarization, citing Egypt’s improved macroeconomic indicators as the main drivers other than the interest rates.

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