The Central Bank of Egypt keeps interest rates unchanged

He said Central Bank of Egypt In a statement on Thursday, he held key interest rates unchanged during Thursday’s monetary policy committee meeting.

The bank’s overnight deposit rate remained unchanged at 8.25%, while the overnight lending rate has remained at 9.25% since November.

The central bank said in a note that economic activity continued to recover, albeit in different measure at the level of different sectors and countries, due to the disparity in vaccination rates against the Corona virus between countries.

Furthermore, the recovery of global economic activity depends on the developments in the spread of the Corona virus pandemic and on the ability of some countries to contain the spread of the pandemic, especially in light of the emergence of new strains of the Corona virus.

Financial conditions continued to support global economic activity and expectations for the price of Brent crude remained generally stable, while international commodity prices prime food and some other subjects prime primary schools continued to record high levels compared to previous years.

In light of the above, the Monetary Policy Committee has decided that the base interest rates at the Central Bank are currently adequate and consistent with the achievement of the target inflation rate of 7% (+2 percentage points). in media during the fourth quarter of 2022 and price stability over the medium term.

The Monetary Policy Committee will closely monitor all economic developments and risk balances and will not hesitate to use all its tools to support the recovery of economic activity provided that inflationary pressures are contained, according to the statement.

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