Egypt’s central bank statement on unchanged interest rates – Egypttoday

Egypt’s central bank statement on unchanged interest rates – Egypttoday

Egypt's central bank statement on unchanged interest rates



Tarek Amer, Governor of the Central Bank of Egypt - File Photo











CAIRO - 25 June 2020: The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided Thursday, June 25, to keep 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, according to MPC's decision.

MPC attributed the reasons behind keeping the rates unchanged for the third consecutive meeting in a statement.

Here is transcript of CBE full statement

The Monetary Policy Committee (MPC) decided to keep the Central Bank of Egypt's (CBE) 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.

Annual headline urban inflation declined to 4.7 percent in May 2020 from 5.9 percent in April 2020, supported by muted inflationary pressures as well as favorable base effects where monthly headline inflation recorded zero in May 2020 compared to 1.1 percent in May 2019. The decline