Arab Finance: The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to keep key interest rates unchanged, according to a press release on September 21st.

The overnight deposit rate and the overnight lending rate remained the same at 19.25% and 20.25%, respectively.

Additionally, the rate of the main operation was kept unchanged at 19.75% and the discount rate was also left unchanged at 19.75%.

“Near-term forecasts for inflation have been revised upwards compared to August forecasts, remaining above their respective target levels and posing a challenge for restoring price stability worldwide. Consequently, policy rates in major economies are expected to remain elevated,” the release noted.

“Moreover, while the outlook for global economic growth has increased compared to the previous meeting, this outlook could be dampened by weakening growth in China and the Eurozone recently,” it added.

The CBE added that inflation rates would continue to determine the direction of future policy rates. The MPC also confirmed that it would continue keeping an eye on all new developments that may affect the outlook for the economy.

The MPC will not hold back from using all of its available tools, including liquidity management operations, to maintain a tight monetary policy and attain the CBE’s upcoming inflation targets of 7% on average by the fourth quarter (Q4) of 2024 and 5% on average by Q4 2026.

It is worth mentioning that Egypt's annual headline inflation widened to 39.7% in August, compared to 15.3% in the same month of 2022.

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