Egypt’s central bank likely to maintain interest rates during Thursday meeting

Egypt’s central bank likely to maintain interest rates during Thursday meeting

Egypt's central bank likely to maintain interest rates during Thursday meeting - Economy - Business



The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) is holding a meeting on Thursday to review key interest rates amid expectations the committee is likely tomaintain the current interest rates.

On 14 May, the MPC decided to keep the CBE's overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 9.25 percent, 10.25 percent, and 9.75 percent, respectively. The discount rate was also kept unchanged at 9.75 percent.

Head of research at EFG Hermes Ahmed Shams El-Din told Ahram Online that the CBE is anticipated to maintain the current rates as the headline inflation rate is in the range the CBE has set at nine percent.

In June, the CBE announced that the annual core inflation rate slipped to 1.5 percent year-on-year in May, down from 2.5 percent in April, while the Central Agency for Public Mobilisation and Statistics (CAPMAS) said that Egypt's annual urban consumer price inflation rate declined to 4.7 percent in May, down from 5.9 percent in April, recording the lowest figure in six months.

Shams El-Din added that the CBE