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Egypt keeps interest rates unchanged

23 Sep 2022, 07:53 GMT+10

CAIRO, 22nd September, 2022 (WAM) -- Central Bank of Egypt's (CBE) Monetary Policy Committee (MPC) decided to keep the key interest rates unchanged.

The current Central Bank of Egypt's overnight deposit rate, overnight lending rate, and the rate of the main operation stand at 11.25%, 12.25%, and 11.75%, respectively.

The discount rate was also kept unchanged at 11.75%.The CBE also decided to increase the required reserve ratio to 18% from 14%.

"This works as a catalyst, complementing the tightening stance that the CBE is maintaining, by calibrating liquidity conditions," the central bank said.

The statement added that the CBE remains committed to achieving low and stable levels of inflation over the medium term which is a requisite condition towards sustainable economic growth.

Moreover, the statement indicated that the MPC concurs that the current key CBE rates coupled with the increased required reserve ratio are consistent with achieving price stability over the medium term.

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