Raised interest rates won’t harm industry in the long run, says Kabil

The CBE’s decision to hike interest rates by 200 bps last month will not harm industry in the long run, and that the increase has short-term effects the industrial sector must cope with, Trade and Industry Minister Tarek Kabil said on Thursday. Kabil also said that the ministry is working to finalize the agreement on the Russian Industrial Zone, which Russian Industry and Trade Minister Denis Manturov said last week will likely be signed this fall.