The Central Bank of Egypt kept interest rates unchanged at its last meeting, despite continued high inflation rates.
In its third meeting this year, the Monetary Policy Committee of the Central Bank of Egypt decided to keep interest rates unchanged, despite the continued annual inflation rate above 30%.
This decision was in line with market expectations, as opinion polls indicated that most analysts expected interest rates to be stabilized in light of the improvement in economic conditions and the decline in the pace of inflation in the country.
It also comes after the central bank raised interest rates by 600 basis points last March in an attempt to curb rising inflation.
The move increased the total interest rate hikes to 1,900 basis points since March 2022.
Although the annual inflation rate slowed in April to 32.5% compared to 33.3% in March, it is still well above the target rate set by the central bank.
