The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided in its meeting on Thursday, to keep the key interest rates unchanged. Consequently, the overnight deposit rate, overnight lending rate, and the rate of the main operation remain fixed at 19.00 percent, 20.00 percent, and 19.50 percent, respectively.
The discount rate was also maintained at 19.50 percent. According to the committee, this decision reflects the latest inflationary trends and economic forecasts evaluated since the previous meeting.
Policy stance
This “hold” suggests a cautious approach by the CBE, aiming to balance the need to curb inflation without stifling domestic economic growth.
Inflationary pressure
Egypt has faced significant inflationary challenges over the past two years, driven by currency fluctuations and global commodity price volatility. Keeping rates at this elevated level is intended to maintain the attractiveness of the Egyptian Pound and encourage savings.
Economic context
The decision comes at a time when Egypt is focusing on fiscal consolidation and attracting foreign direct investment (FDI) to stabilize its foreign exchange reserves, particularly following large-scale infrastructure and energy agreements.
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