Egyptian Central Bank Keeps Key Interest Rates Unchanged

The Central Bank of Egypt stated in a release today, Thursday, that it "kept the key interest rates unchanged at 19.25% and the overnight deposit rate at 18.25%." The bank's Monetary Policy Committee noted in a statement that "the bank maintained the lending rate at 19.25% and the deposit rate at 18.25%, which aligns with analysts' expectations." The statement added, "On the domestic front, the real economic activity growth rate recorded 3.9% during the fourth quarter of 2022 compared to a growth rate of 4.4% during the third quarter of the same year. It is expected that the GDP growth rate will slow down during the fiscal year 2022/2023 compared to the previous fiscal year, with a recovery anticipated afterward." Inflation has diminished due to several factors, including local supply chain bottlenecks, a decrease in commodity prices, and foreign exchange rates.