CBE keeps key interest rates during Monetary Policy Committee meeting

In its latest meeting, the Central Bank of Egypt’s Monetary Policy Committee agreed to maintain current key interest rates, noting “the current monetary stance is appropriate to support the sustained moderation of inflation”.

The overnight deposit rate remained at 27.25 percent, the overnight lending rate at 28.25 percent, and the rate of the main operation at 27.75 percent. The discount rate was held steady at 27.75 percent.

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. The decline reflected the impact on the services sector from ongoing geopolitical tensions and disruptions in maritime trade, it noted.