Alia Mamdouh News
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When Israel launched air strikes on the Gaza Strip last week, Egypt’s Muslim Brotherhood said the “Zionist entity” had committed a “criminal aggression.” President Mohamed Mursi, drawn from the same movement, said only that it was unacceptable “under any circumstance.”
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Egypt’s central bank is likely to maintain its benchmark interest rate steady at its highest in over three years due to pressure on the local currency.
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The Egyptian economy expanded an annual 5.6 percent in the third quarter, boosted by tourism, manufacturing and domestic consumption, cabinet spokesman Magdy Rady said today.
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Egyptian economic growth may accelerate this fiscal year helped by consumer spending, though it will probably remain below what the government says is needed to keep unemployment from rising.
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Egyptian inflation accelerated in April on rising food prices, one of the causes of the unrest that toppled President Hosni Mubarak .
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Egypt’s economic growth slowed in the first quarter of the fiscal year as the nation’s worst political crisis in at least three decades eroded income from tourism, manufacturing and construction.
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Inflation in Egypt was little changed in September, giving the central bank room to keep its benchmark interest rate at a four-year low.
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Egypt’s main inflation rate was unchanged in October, leaving the central bank room to keep its benchmark interest rates at a four-year low to support economic growth.
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Egyptian Prime Minister Hisham Qandil wants to boost private investment, cut subsidies and sell debt to revive the economy, policies that he may find easier to implement than his predecessors.
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Egypt’s inflation rate declined in June as food prices, one of the causes of the unrest that toppled President Hosni Mubarak, rose at a slower pace.
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