The Central Bank’s Monetary Policy Committee will meet within a few hours today to determine the interest rate on deposits and loans, in light of high inflation, amid expectations of stabilization or increase.
The committee is meeting for the first time in 7 years without the presence of Tarek Amer, the former governor of the Central Bank, who yesterday submitted his resignation from his position, and President Abdel Fattah El-Sisi announced his consent and an adviser to the president of the republic was appointed.
Under the Central Bank Law, Gamal Negm, Vice Governor of the Central Bank, will replace the resigned governor at the head of a committee that includes 7 members, including representatives from the Ministry of Finance and the General Directorate of Financial Supervision. who will attend the meeting for the first time since his appointment as Acting Chief Financial Supervisor, replacing Dr. Muhammad Omran on the Board of Directors of the Central Bank.
The Monetary Policy Committee at its last meeting on June 23 decided to fix interest rates unchanged at 11.25% for deposits and 12.25% for loans.
The central bank raised interest rates by a total of 3% during 2022 during committee meetings in March and May last year amid expectations that interest rates could be raised from 1% to 2% or fixed.
The central bank said the annual core inflation rate rose to 15.6% in July from 14.6% in June.
According to the Central Agency for Public Mobilization and Statistics, the annual inflation rate in cities rose to 13.6 percent in July last year compared to 13.2 percent in June, and the annual inflation rate in the country as a whole has been declining for the second month in a row. , last July, recording 14.6 percent compared to 14.7 percent in June.
The price of the pound in Egyptian banks against the dollar reached 19.19, reaching the highest value since December 2016 at the time of the liberalization of the exchange rate.
Source: Cairo 24