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

CAIRO: The Central Bank of Egypt (CBE) decided in a 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 at 9.25 percent each.

In its last meeting in April, the committee had kept all policy rates the unchanged.

Key policy rates 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.

 More details to follow.

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