In closing out 2021, Egypt’s central bank leaves interest rates unchanged

Egypt’s central bank has on Thursday kept its key interest rates unchanged at its last meeting in 2021.

The central bank’s Monetary Policy Committee (MPC) has retained the overnight deposit rate, overnight lending rate, and the rate of the main operation at 8.25 percent, 9.25 percent, and 8.75 percent, respectively.

The discount rate was also unchanged at 8.75 percent.

“The (Monetary Policy Committee) decided that keeping policy rates unchanged remains consistent with achieving the inflation target of 7% (±2 percentage points) on average in 2022 Q4 and price stability over the medium term.” the central bank’s MPC statement read.

“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,”