Egypt’s urban inflation jumps to 14.4 percent in February

The bank’s monetary policy committee will meet on March 28 to decide on interest rates. (File/AFP)
Updated 10 March 2019
0

Egypt’s urban inflation jumps to 14.4 percent in February

  • Inflation was 12.7 percent in January
  • Egypt has implemented a series of tough austerity measures to help meet terms on an IMF loan

CAIRO: Egypt’s annual urban consumer price inflation increased to 14.4 percent in February from 12.7 percent in January, the official statistics agency CAPMAS said on Sunday, potentially halting what some analysts expected was the start of an easing cycle.
Inflation had cooled to 12 percent in December after an increase in fuel, electricity and transportation prices last year had sent the rate up to a high of 17.7 percent in October.
Prices in the transport sector rose 32 percent, CAPMAS said, while food and beverage prices increased 15.3 percent year-on-year.
The accommodation, water, electricity, gas and fuel sector saw price rises of 15.2 percent, the agency said. The education sector’s prices rose by 15.1 percent.
Egypt has implemented a series of tough austerity measures to help meet the terms of a $12 billion IMF loan program it signed in late 2016.
“It’s higher than what we had expected,” said Allen Sandeep, head of research at Naeem Brokerage in Cairo.
The central bank, which is targeting inflation of 13 percent plus or minus 3 percentage points, made a surprise cut to its overnight interest rates last month. It cited a strong drop in inflation and an improvement in other macroeconomic indicators.
“In our view, this should put the brakes on monetary easing for now,” Sandeep said.
The bank’s monetary policy committee will meet on March 28 to decide on interest rates.


Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

Updated 21 April 2019
0

Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

  • Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB)
  • Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB

DUBAI: Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
The Abu Dhabi Investment Council, a sovereign wealth fund which combined with Abu Dhabi state fund Mubadala last year, also appointed Amr Saad Al Menhali as chief executive of Al Hilal Bank.