Egypt’s central bank keeps interest rates ‘unchanged’
Central Bank of Egypt - YOUM7 (Archive)

CAIRO: The Central Bank of Egypt (CBE) decided in a late Thursday meeting to hold the overnight deposit and lending rates “unchanged” at 8.75 percent and 9.75 percent respectively, the bank posted on its website.

The bank’s Monetary Policy Committee (MPC) also maintained CBE’s main operation and the discount rate were also kept at 9.25 percent each.

In its last meeting in February, MPC maintained the overnight deposit and lending rates unchanged.
Key policy rates were kept unchanged in a February meeting as well after they saw the last change in January, when the MPC slashed them by 50 basis points each, on speculation of lower inflation.

This was the first action since they were raised by 100 basis points each last July, in an attempt to control soaring inflation after the government cut fuel subsidies by up to 78 percent.

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