Egyptian MPC Keeps Interest Rates Unchanged heading

February 03, 2023 (MLN): The Egyptian Monetary Policy Committee (MPC) Thursday decided to keep the Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 16.25%, 17.25%, and 16.75%, respectively.

“The discount rate was also kept unchanged at 16.75%,” MPC said in a statement today.

On the global front, forecasts for international commodity prices have marginally tightened compared to those underlying the previous MPC meeting.

On the other hand, financial conditions continued to ease for the US economy while the euro area’s financial conditions broadly stabilized, compared to available information at the time of the previous MPC meeting.

Nonetheless, the outlook for international commodity prices remains uncertain, as several factors contribute to upside and downside pressures. Notable factors include the expected global economic slowdown, the loosening of COVID-19 restrictions in China, and the Russia-Ukraine conflict, the report added.

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