CAIRO – The Central Bank of Egypt (CBE) said that the global inflation pressures are easing, adding that’s why the Monetary Policy Committee (MPC) decided to maintain the overnight deposit rate, the overnight lending rate, and the rate of the main operation at 18.25 percent, 19.25 percent and 18.75 percent, respectively.
The committee also decided to keep unchanged the credit and discount rate at the level of 18.75 percent.
It further explained that the global inflation pressures have abated as a result of several factors, topped by restrictive monetary policies adopted by many central banks, the lower fuel prices, and the decrease in supply chain bottlenecks.
At the local level, Egypt’s real GDP growth rate recorded 3.9 percent in the fourth quarter (Q4) of 2022, compared to 4.4 percent in the third quarter (Q3) of the same year, while it registered 4.2 percent in the first half of the fiscal year 2022/2023, the CBE said.
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