Egypt’s Central Bank Maintains Interest Rates Amid President’s Currency Policy Stance

Egypt’s central bank announced on Thursday its decision to keep key interest rates unchanged, following President Abdel Fattah al-Sisi’s indication that there would be no currency devaluation in the near future.

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) confirmed that the overnight deposit rate, overnight lending rate, and the rate of the main operation would remain steady at 18.25 percent, 19.25 percent, and 18.75 percent, respectively, as stated in a released statement.

The CBE also opted to maintain the discount rate at 18.75 percent.

During a recent youth conference, President al-Sisi expressed his opposition to currency devaluation in the coming months, citing potential harm to national security and the well-being of Egyptian citizens.

However, Egypt witnessed an increase in annual core inflation, which reached 40.3 percent in May compared to 38.6 percent in April.



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