URGENT: Egypt’s c.bank holds interest rates steady

The Central Bank of Egypt (CBE) decided on Thursday to keep key interest rates unchanged for the fifth straight meeting, viewing its current monetary policy “as appropriate” until inflation shows “a significant and sustained decline.”

During its Monetary Policy Committee (MPC) meeting, the CBE announced that the overnight deposit rate, lending rate, and main operation rate would remain at 27.25 per cent, 28.25 per cent, and 27.75 per cent, respectively. The discount rate also stayed steady at 27.75 per cent.

This marks the fifth consecutive meeting where rates have been held steady, following similar outcomes on July 18, May 23, and October 17.

Attribution: CBE