The Central Bank of Egypt has decided to keep key interest rates unchanged following the latest meeting of its Monetary Policy Committee on Thursday.
The bank said it would maintain the overnight deposit rate at 19% and the overnight lending rate at 20%, as policymakers continue efforts to manage inflation and preserve monetary stability.
The Central Bank uses interest rates as a key tool to control inflation by either lowering borrowing costs when inflation eases or raising rates when price pressures intensify.
The decision comes after a series of major monetary tightening measures introduced in recent years. During an extraordinary meeting on March 6, 2024, the Monetary Policy Committee raised interest rates by 600 basis points, pushing the overnight deposit rate to 27.25%, the lending rate to 28.25%, and the main operation rate to 27.75%. The discount rate was also increased to 27.75% at the time.
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