The committee had decided, in its meeting held on 30 March to raise the basic interest rate at the Central Bank by 2%, to reach 18.25% for deposits, 19.25% for lending, and 18.75% for the credit and discount rate and the price of the main operation at the Central Bank. Last week, the Central Bank of Egypt revealed that the basic consumer price index, prepared by its side, had recorded a monthly rate of 1.7% in April 2023, compared to 2.4% in April 2022, and a monthly rate of 2.5% in March 2023. The Central Bank indicated that the annual core inflation rate recorded 38.6% in April 2023, compared to 39.5% in March. It explained that the monthly inflation rate in cities also declined to 1.7% in April, compared to 2.7% in March. The agency indicated that the annual inflation rate for the entire republic was 31.5% in April 2023, compared to 33.9% in the previous March, 14.9% in April 2022.

Source: Daily News Egypt May 18, 2023 09:40 UTC