MPC
Egypt's real GDP growth had slowed to 2.2 percent in Q1 2024, down from 2.3 percent in the previous quarter, according to the official release from the CBE
On March 6, the CBE raised the overnight deposit rate, the overnight lending rate, and the rate of the main operation in a special meeting by 600 basis points to reach 27.25 percent, 28.25 percent, and 27.75 percent, respectively.
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.
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.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 16.25 percent, 17.25 percent, and 16.75 percent, respectively.
The discount rate was also raised to 16.75 percent.
The CBE said in a statement that the extraordinary meeting of the committee, held last Thursday, will be sufficient.
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.
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.
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 discount rate was also kept unchanged at 8.75 percent.
The discount rate was also cut by 50 basis points to 8.75 percent.
MPC attributed the reasons behind keeping the rates unchanged for the fourth consecutive meeting in a statement.
The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept at 9.25 percent, 10.25 percent, and 9.75 percent, respectively.
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