URGENT: Egypt c.bank holds interest rates steady in its final decision of 2024

The Central Bank of Egypt (CBE) decided on Thursday to leave key interest rates unchanged in its last decision of 2024.

The CBE’s Monetary Policy Committee (MPC) announced that the overnight deposit rate, lending rate, and main operation rate would remain steady at 27.25 per cent, 28.25 per cent, and 27.75 per cent, respectively. The discount rate would also stay with no change at 27.75 per cent.

“…, the Committee judges that the current policy rates remain appropriate to maintain a tight monetary stance until a significant and sustained decline in inflation is achieved, and expectations are firmly anchored. ” the MPC statement read.

This marks the sixth consecutive meeting where rates have been held steady, following similar outcomes on July 18, May 23, October 17, and November 21.

Attribution: Amwal Al Ghad English