The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided on Thursday to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25%, 9.25%, and 8.75%, respectively.
In statements on Thursday, CBE said the discount rate was also kept unchanged at 8.75%.
It is noteworthy that the MPC of the central bank kept rates unchanged for the third time in a row at Nov. 2019 rates.
Egypt's annual inflation rate increased to 4.5% in February of 2021 from 4.3% in the previous month. Main upward pressure came from costs of housing & utilities (4.7% vs 4.3% in January); health (5.3%, the same pace as in January) and recreation & culture (4.5%, the same pace as in January).
Meanwhile, food prices continued to fall (-0.5%, the same pace as in January), on account of vegetables & fruits (-7.6% vs -8.5%).
On a monthly basis, consumer prices were up 0.2% in February, after decreasing by 0.4% in the previous month.
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