CBE Holds Interest Rates

Giving More to Your Wealth
21 Aug 2022

The CBE (Central Bank of Egypt) has opted to keep interest rates on hold in its recent MPC (Monetary Policy Committee) meeting. The rates remain unchanged, with the overnight deposit rate at 11.25%, overnight lending rate at 12.25%, main operation rate at 11.75%, and discount rate at 11.75%.

The decision is mainly based on seemingly contained domestic inflation, which has been fluctuating within a tight range for the past three months. Unemployment was also stable during 2Q22 at 7.2%. Furthermore, there has been a relative slowdown in the global economy and geopolitical risks in South East Asia, on top of the ongoing Russia-Ukraine conflict. Also, global commodities prices have been stable or declining recently. This hold on rates will provide enough time to assess the impact of recent foreign exchange adjustments and past rate hikes. (Sources: Central Bank of Egypt, Reuters (English), Zawya (English) (Arabic), Amwal al-Ghad (English) (Arabic), al-Ahram (English), Egypt Today (English), Business Today Egypt (English), Sada el-Balad (English) (Arabic), Forbes Middle East (English), al-Sharq al-Awsat (English), The National (English), al-Maal, Mubasher, Hapi Journal, al-Borsa, al-Youm al-Saabe, al-Shurouk, al-Watan, Akhbar al-Youm, Masrawy, al-Sharq Business, CNBC Arabia, al-Arabiya, Sky News Arabia, CNN, Euronews, RT, Xinhua)

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