BREAKING: Egypt’s central bank keeps key interest rates unchanged

Egypt’s central bank has kept its key interest rates unchanged on Thursday, saying inflation as inflation remained below target and growth seen to be picking up.

The central bank’s monetary policy committee (MPC) held the overnight lending rate at 9.25 percent and the overnight deposit rate at 8.25 percent for a third consecutive time after cutting rates in September and November, their lowest since July 2014.

Earlier, the central bank cut its benchmark rate by 300 bps last March and another 50 bps each in September and November.

The MPC decided that “keeping policy rates unchanged remains consistent with achieving the inflation target of 7 percent (±2 percentage points) on average in 2022 Q4 and price stability over the medium term.” the central bank said in a statement on Thursday.

“The MPC closely monitors all economic developments and will not hesitate to utilise all available tools to support the recovery of economic activity, within its price stability mandate.”