The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided on Thursday to keep the overnight deposit rate, lending rate, and the rate of the main operation unchanged at 8.25%, 9.25%, and 8.75%, respectively.
The discount rate was also kept unchanged at 8.75%.
The CBE’s next inflation target has been set at 7% (±2) during Q4 2022 down from 9% (±3) during Q4 2020.
Moreover, Gross Domestic Product (GDP) recorded a preliminary figure of 0.7% during Q3 2020 , up from -1.7% during Q2 2020 .
Also, growth registered a preliminary figure of 3.6% in FY 2019/20 compared to 5.6%, year-on-year.
The economic activity was affected by the impact of the pandemic and its resulting containment measures.
Meanwhile, indicators for October and November 2020 show continued signs of recovery after showing weakness during Q2 2020 .
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