Monetary Policy Committee
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to keep the CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 27.25 percent, 28.25 percent, and 27.75 percent, respectively
Additionally, the discount rate has been raised by 600 basis points to 27.75 percent
The overnight deposit rate, overnight lending rate, and the rate of the main operation have been adjusted to 21.25 percent, 22.25 percent, and 21.75 percent, respectively.
The Egyptian pound’s value depreciated in the black market over the past 10 days, hitting a high of LE 70+ per $1, comparted to LE 50 at the end of 2023. The CBE maintains the official exchange rate at LE 30.94 per USD
This committee meeting occurs amidst considerable uncertainty about the decision it might make, given the severe turmoil in the Egyptian market, both in terms of the exchange market and commodity prices. This is despite the observed slowdown in inflation in recent months.
This leaves the overnight deposit rate at 19.25 percent, the overnight lending rate at 20.25 percent, the rate of the main operation at 19.75 percent, and the discount rate at 19.75 percent.
According to a recent Reuters poll involving 14 financial analysts, the majority of the analysts suggest that the CBE will maintain interest rates
Egypt’s real GDP growth for the first quarter of 2023 remained steady at 3.9 percent, compared to the previous quarter, according to the MPC statement
The discount rate was also kept at 18.75 percent.
Barclays will work alongside local financial advisor, CI Capital.
Egypt’s Central Bank (CBE) raised on Wednesday the interest rates by 2 percent; reaching the highest level since July 2017.
The discount rate was also raised to 16.75 percent.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 11.25 percent, 12.25 percent, and 11.75 percent, respectively. The discount rate was also kept unchanged at 11.75 percent.
MPC decided that keeping policy rates unchanged remains consistent with achieving the inflation target of 7 percent (±2 percentage points) on average in 2022 Q4 and price stability over the medium term.
The discount rate was also kept unchanged at 8.75 percent.
The discount rate was also kept unchanged at 8.75 percent.
The Monetary Policy Committee (MPC) decided to keep the Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respectively. The discount rate was also kept unchanged at 8.75 percent.
The discount rate was also kept unchanged at 8.75 percent.
The discount rate was also kept unchanged at 12.75 percent.
The overnight deposit rate, the overnight lending rate, and the rate of the main operation are kept at 12.25 percent, 13.25 percent, and 12.75 percent, respectively.
