Egypt Leaves Monetary Policy Unchanged


The Central Bank of Egypt decided to keep its benchmark overnight deposit rate unchanged at 9.25 percent on November 27th. The overnight lending rate was also left on hold at 10.25 percent.

The discount rate and the rate of the CBE's main operations were kept unchanged at 9.75 percent each.

The last time the central bank moved the benchmark overnight rate was in July of 2014. At that time, the bank raised the rate by 100 bps, aiming to curb inflationary pressures resulted from cut in subsidies on fuel and electricity.

The inflation rate has been on an upward trend since July of 2014, reaching 11.8 percent in October, the highest in eleven months.

Central Bank of Egypt | Ricardo Martins | ricardo.martins@tradingeconomics.com
11/27/2014 4:01:38 PM