The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE), at the conclusion of its meeting this Thursday, decided to reduce the overnight deposit and lending rates by one percentage point, setting them at 24 percentage and 25 percentage respectively.
The Central Bank uses interest rates as a tool to manage inflation—which signifies a rise in the prices of goods and services. This involves lowering interest rates when inflation declines, or increasing them when the rate of price increases accelerates.
During its extraordinary meeting on March 6, 2024, the Monetary Policy Committee had resolved to raise the overnight deposit and lending rates, along with the CBE’s main operation rate, by 600 basis points.
These increases brought the rates to 27.25 percentage, 28.25 percentage, and 27.75 percentage, respectively. Additionally, the credit and discount rate was also raised by 600 basis points, reaching 27.75 percentage.
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