CBE keep Overnight Deposit and Lending Rate on hold

Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting on Thursday, May 18, 2023, to hold Overnight Deposit and Lending Rate and the price of the main operation of CBE at the level of 18.25%, 19.25%, and 18.75%, respectively.  credit and discount rate kept at 18.75%.

The Monetary Policy Committee of the Central Bank of Egypt decided, in its last meeting, to raise interest on overnight deposits and lending rate by 200 basis points.

According to inflation data and growth in the money supply, which represents the first source of total demand for goods and services in Egypt.

The annual inflation rates declined last April, as core annual inflation rate, reached 38.6% in April 2023, compared to 39.5% at the end of March 2023.

The annual inflation rate, which is prepared by CBE for CAPMAS, declined to 30.6% in April 2023, compared to 32.7% in March 2023.

CBE is scheduled to meet 4 more times during the current year, June 22, August 3, September 21, November 2, and December 21.