Beltone: CBE likely to keep interest rates on hold at next meeting

CAIRO - 13 June 2022: Beltone Financial Holding projected on Sunday that the Monetary Policy Committee of the Central Bank of Egypt (CBE) will keep interest rates unchanged in its coming meeting in light of the slowing pace at which the inflation rate is rising as shown in May's figures.

 

In a research note, a copy of which was obtained by MENA, Beltone pointed out that the impact on inflation of May’s decision of the committee to raise interest rates will take time to fully appear, a matter which makes CBE likely to keep the interest rate on hold during its coming meeting on June 23.

 

The annual general inflation in Egypt rose to 13.5 percent last May, compared to 13.1 percent in April, which is lower than expectations that it was likely to reach 15 percent.

 

The annual inflation reading reflects the slowdown in monthly inflation, which rose by 1.1 percent in May, compared to 3.3 percent in April.