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 June, the committee had kept all policy rates the unchanged.

Egypt’s core annual inflation rate declined a slight to 8.07 percent in June, down from 8.14 percent in May, according to the CEB’s monthly report.

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 to control soaring inflation after the government cut energy subsidies by 40 billion EGP ($5.11 billion,) raising fuel prices by up to 78 percent.

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