News

Central Bank of Egypt (CBE) Leaves Interest Rates Unchanged

21 Mar 2021

The CBE’s Monetary Policy Committee (MPC) decided to hold the overnight deposit and lending rates unchanged at 8.25% and 9.25% respectively, and the main operation and discount rate at 8.75%.

The CBE’s rationale was that keeping policy rates unchanged will contribute to achieving their inflation target of 7% (±2 percentage points) by 4Q22, and maintain price stability in the medium term. The CBE said in their statement that “most leading indicators are gradually recovering to their pre-pandemic levels. Meanwhile, the unemployment rate broadly stabilized at 7.2% during 4Q20 compared to 7.3% during 3Q20, after improving markedly from the 9.6 recorded during 2Q20 due to the sustained improvement in employment levels.” (Source: CBE Press Release, al-Mal Newspaper, Mubasher, Enterprise)

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