Egypt’s central bank fixes interest rates overnight

The Monetary Policy Committee of the Central Bank of Egypt has decided to keep the interest rate on deposits and overnight loans for the third time in a row and for the fourth time this year.

The price of the central bank’s main operation stabilized at 11.25%, 12.25% and 11.25% respectively, while the lending and discount rates remained at 11.75%.

The Central Bank explained that the Monetary Policy Committee’s decision to keep benchmark interest rates unchanged is in line with achieving the goal of price stability over the medium term and that global prices for some key commodities, such as oil and wheat, have fallen relatively since peaking.

He pointed out that global economic activity is slowing down as a result of the consequences of the Russian-Ukrainian crisis, and the growth of geopolitical risks in Southeast Asia has led to increased uncertainty in the global economic outlook.

He explained that despite a decrease in its frequency compared to previous months, global financial conditions remained tight as central banks abroad continued to tighten monetary policy, raising interest rates and cutting asset purchase programs to contain the high inflation in their countries. countries.

The annual core consumer price inflation rate, according to the Central Bank, increased by 16.7% in August 2022 compared to 15.6% in July 2022, and the monthly inflation rate reached 0.6% at the end of August 2022 compared to a negative rate of 0.3% in the same month of the previous year and a monthly rate of 1.5% in July 2022.

According to the calculations of the Central Agency for Public Mobilization and Statistics, the annual headline inflation rate was 14.6% in August 2022 compared to 13.6% in July 2022, and the monthly inflation rate was 0.9% in August 2022. compared to the 0.1% level in the same month of the previous year and the monthly rate of 1.3% in July 2022.

Source: Cairo 24

Related Stories

Leave a Reply