Egypt's Central Bank Keeps Interest Rates Unchanged

The Central Bank of Egypt announced in a statement that it has kept the main interest rates unchanged at 27.25 percent, aligning with market expectations.

In the statement, the Central Bank of Egypt said, "The Monetary Policy Committee decided in its Thursday meeting to maintain the overnight deposit and lending rates and the central bank's main operation rate at 27.25 percent, 28.25 percent, and 27.75 percent, respectively. Additionally, the discount rate was kept at 27.75 percent."

This decision reflects the latest developments and forecasts at both the global and local levels since the previous Monetary Policy Committee meeting.

Globally, economic growth prospects remain positive, though below the historical average. Tightening monetary policies in advanced and emerging market economies have contributed to a decline in inflation worldwide. Some central banks have reduced interest rates after their inflation rates approached target levels, according to the Central Bank's statement.

The Central Bank of Egypt’s decision to maintain the current interest rates is seen as a move to balance controlling inflation with supporting economic growth. By keeping the rates steady, the bank aims to provide a stable financial environment while monitoring global economic trends and their impact on the local economy.

The stability in interest rates comes amidst a backdrop of global economic fluctuations, where central banks in various countries are adjusting their monetary policies in response to changing inflation rates. The Central Bank of Egypt's cautious approach reflects its commitment to maintaining economic stability and addressing inflationary pressures.