CBE maintains interest rates during May

The Central Bank of Egypt (CBE) decided to maintain the overnight interest rate on deposits and loans, and principal transactions at 15.75, 16.25 and 16.75 percent respectively

The credit and discount rate was also kept unchanged at 16.25 percent.

A CBE Monetary Committee said that headline inflation declined to 13 percent in April 2019, from 14.2 percent in March 2019.

Core inflation also declined, from 8.9 percent to 8.1 percent in the same period.

The slight uptick in the GDP growth rate continued, registering 5.6 percent during the first quarter of 2019, compared to 5.5 percent in the last quarter of 2018.

The unemployment rate witnessed a decline from 8.9 percent to 8.1 percent during the same period.

The report said the Ministry of Finance is targeting an initial surplus of two percent of the GDP during the fiscal year of 2018-2019, compared to one percent achieved in the fiscal year of 2017-2018.

The ministry is also aiming to maintain this surplus rate during the upcoming years.