Egypt’s central bank keeps key interest rates unchanged

Egypt’s central bank has on Thursday kept its key interest rates unchanged. The central bank’s Monetary Policy Committee (MPC) has maintained the overnight deposit rate, overnight lending rate, and the rate of the main operation at 11.25 percent, 12.25 percent, and 11.75 percent, respectively, the bank said in a statement.

The discount rate was also remained unchanged at 11.75 percent.

“In its decision to maintain policy rates unchanged today, the MPC takes note of its policy rate hikes in the previous two meetings and will continue to assess their impact on inflation expectations and other macroeconomic developments over the medium term.”  the bank said in a statement.

“Achieving low and stable inflation over the medium term is a requisite condition to achieve high and sustainable growth rates, as well as supporting real incomes.”

“The MPC reiterates that the path of future policy rates remains a function of inflation expectations, rather than of prevailing inflation rates and as such, will not hesitate to adjust its stance to achieve its price stability mandate.”