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The Central Bank of Egypt (CBE) has met market expectations and has kept interest rates unchanged at its latest monetary policy meeting.
At its meeting on Thursday, the CBE’s monetary policy committee voted to maintain the key interest rate at 18.25%. This decision was widely expected by markets, given the current economic conditions in the country.
The decision comes in the face of high economic pressures, including a rising inflation rate and an ongoing currency crisis. To keep inflation under control, the CBE had raised its lending rate six times in the past year, bringing it up to 18.25%.
Despite the pressures, the CBE believes that the rate is sufficient to ensure price stability in the economy. The bank also noted that the country’s economic growth outlook remains positive, and that the monetary policy is consistent with efforts to achieve it.
The CBE’s decision to leave the key rate unchanged is expected to have a positive impact on the Egyptian economy. The unchanged rate should help to boost lending in the country and could potentially lead to an increase in investment.
Overall, the CBE’s decision to keep the interest rate unchanged at 18.25% appears to have met the expectations of markets. The decision is likely to be welcomed by investors and businesses, and should help to support the Egyptian economy in the coming months.
