Egypt’s central bank unlikely to introduce new interest rate cuts: Experts

Egypt’s central bank unlikely to introduce new interest rate cuts: Experts

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) is expected to hold its meeting on Thursday -- the eighth in 2020 -- to review key interest rates amid projections the MPC will maintain the current rates.

In March, the MPC decided to cut the CBE's key interest rates by three percent (300 basis points) as a pre-emptive measure to contain the effects of the coronavirus crisis on Egypt's economy and to maintain the gains of the economic reform programme.

Overnight deposit rates, overnight lending rates, and the rates of the main operation stood unchanged at 9.25 percent, 10.25 percent, and 9.75 percent, respectively, since March.

The discount rate was also kept unchanged at 9.75 percent.

Over four meetings, since March, the CBE has not