The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided last Thursday to maintain the overnight deposit and lending rates and CBE’s main operation at 27.25%, 28.25% and 27.75% respectively. The committee also decided to maintain the credit and discount rate at 27.75%. This decision reflects the latest developments and expectations at the global and local levels since the previous MPC meeting. It explained that globally, tight monetary policies in advanced and emerging market economies contributed to the decline in inflation, as some central banks continued to cut interest rates as inflation approached its target levels. The Committee also indicated upward risks around inflation, in light of the volatility in the global prices of major commodities, especially energy.

Source: Daily News Egypt October 20, 2024 03:25 UTC