Interest rates to remain steady - Seeff Chairman

Chairman of Seeff Property Services, Samuel Seeff, believes that the outcome of the next Monetary Policy Committee meeting to be held on 21 and 22 July will see the interest rate remaining unchanged. He says: "I also believe that it will remain unchanged for most of the remainder of the year. I am very comfortable that in terms of stability, this will be good and positive for the market."

While he agrees that a drop would be a nice to have, he does not see it as likely. "Ideally we would like to see a small reduction. That would help cover the increases that we are experiencing, particularly in relation to the costs of electricity, and to help the man in the street - but I don't believe that is going to be likely. I think we are in the correct place in terms of inflation, and that the economy is well balanced. There is nothing to give it a ‘push' and to indicate that we need to reduce the rate. On the other hand, I certainly would not like to see the interest rate start to climb at any point this year."

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