08 Aug 2021

The CBE (Central Bank of Egypt) has kept key policy rates unchanged in its latest MPC (Monetary Policy Committee) meeting. The rates stand at 8.25% and 9.25% for overnight deposits and overnight lending, respectively. The main operation rate and the discount rate are both 8.75%. The CBE cited the global recovery, current financial conditions, and inflation outlooks as their reasons for holding rates. This is the 6^th consecutive time that the CBE has held rates since December 2020. The CBE stated that their recent decision is consistent with achieving their inflation target of 7% +/−2%. It is worthy to note that Egypt currently has some of the highest real interest rates in the world, offering exceptional yields for government treasury fixed-income investments.

(Source: CBE (English) (Arabic), Reuters (English), Amwal al-Ghad (English), Zawya (English), al-Ahram (English) (Arabic), Arab News (English), al-Maal, Hapi Journal, al-Masry al-Youm, al-Shurouk, al-Dustour, CNBC Arabia, al-Arabiya)