Egypt’s Central Bank Maintains Interest Rates at Current Levels.

Central Bank of Egypt Keeps Interest Rates Unchanged

Today, Thursday, the Central Bank of Egypt decided to keep the main interest rates on the pound at the current level unchanged.

Maintaining Overnight Deposit and Loan Income Rates

At its meeting, the Monetary Policy Committee of the Central Bank of Egypt maintained the overnight deposit and loan income rates, as well as the price of the main operation of the Central Bank at 18.25%, 19.25% and 18.75%, respectively, and credit and discount rates were kept at the level of 18.75%.

Target Inflation Rate

The Committee emphasized that the path of benchmark interest rates depends on the expected pace of inflation, not on the prevailing inflation rate, and that maintaining restrictive monetary conditions is a necessary condition for achieving the target inflation rate of 7% (± 2 percentage points) on average during the fourth quarter of 2024 and 5% (±2 p.p., 2 percentage points) on average for the fourth quarter of 2026

Monitoring Inflation-Related Risks

He indicated that he would closely monitor inflation-related risks that could arise from disruptions in the supply chain, as well as geopolitical tensions and other factors. He will also monitor all economic developments and will not hesitate to adjust his policies to achieve the goal pricing stability.

Source: agencies

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