Egypt’s central bank to consider interest rates Thursday
Central Bank of Egypt Chairman Hisham Ramez - YOUM7 (Archive)

CAIRO: The Central Bank of Egypt (CBE) is set to consider interest rates in a Thursday meeting, according to its website, amid expectations of keeping them on hold as inflation recorded a slight decline in April.

In its last meeting in April, the CBE’s Monetary Policy Committee decided to keep the overnight deposit and lending rates “unchanged” at 8.75 percent and 9.75 percent respectively.

The committee also maintained CBE’s main operation and the discount rate unchanged at 9.25 percent each.

Key policy rates were kept on hold since February 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 effort to curb soaring inflation after the government cut fuel subsidies by up to 78 percent.

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