CAIRO, Sept 22, 2022 (WAM) — The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) has decided to keep key interest rates on hold.
The current Central Bank of Egypt overnight deposit rate, overnight lending rate and main operation rates are 11.25%, 12.25% and 11.75% respectively.
The discount rate was also unchanged at 11.75%. The CBE also decided to raise the required reserve ratio from 14% to 18%.
“This will act as a catalyst to complement the tightening stance maintained by the CBE by adjusting liquidity conditions,” the central bank said.
The statement added that the CBE remains committed to achieving low and stable levels of inflation over the medium term, a prerequisite for sustainable economic growth.
Further, the statement indicated that the MPC agreed that the current key CBE rate coupled with an increase in the required reserve ratio is consistent with achieving medium-term price stability.