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The bank's monetary policy committee announced in a statement that it had decided to reduce the 24-hour deposit rate from 15.75 percent to 14.25 percent and the 24-hour loan rate from 16, 75% to 15.25%.
The statement from the MPC said that the decline in the annual base and core inflation rate continued "At 8.7% and 5.9% in July 2019, respectively, the lowest rate in almost 4 years, despite the adjustments State Finance Recently applied that has covered the cost of most petroleum products.
He attributed the statement of the Policy Committee Low interest rate To the first 4 reasons "Containing inflationary pressures, which resulted in relatively low monthly inflation rates, as well as by the positive impact of the base year, remediation measures recently implemented by the State being weaker than the previous year. "
He continued the statement of the committee "At the same time, preliminary data indicate a slight increase in growth rate Exit Local The actual total was 5.7% in the second quarter of 2019 and 5.6% during the fiscal year 2018/2019The highest rate since the 2007/08 fiscal year.
The committee also decided to cut interest rates for a second reason, the low unemployment rate "7.5% in the second quarter of 2019, a decrease of almost 6 percentage points from the peak of 13, 4% reached in the fourth quarter of 2013".
The MPC statement also spoke of a third reason for the pursuit "Slowdown in global economic growth and negative impact of trade tensions on growth prospects, which helped ease the global financial situation by reducing rates of core yield for a number of central banks ".
In addition, the Committee took note of the fourth reason for the decline "World Oil Prices" Recently, still vulnerable to fluctuations "Due to regional risks and other factors related to the supply".
She explained "Given the continued control of inflationary pressures and all developments at the national and international levels, the Monetary Policy Committee has decided to reduce core interest rates of the central bank. This decision is consistent with the achievement of the target inflation rate of 9% in the fourth quarter of 2020 and medium-term price stability. ".
The Committee confirmed that it would continue "Decision making based on projected future inflation rates and not on prevailing inflation rates." Thus, the pace and magnitude of future adjustments in the rate of base performance of the EPC will continue to depend on the consistency of inflation expectations with target rates, in order to ensure the continuation of the downward trend of price stability in the medium term. ".
The Committee noted that it would continue "Track all economic developments" and do not hesitate "By adjusting its policy to maintain monetary stability".
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The bank's monetary policy committee announced in a statement that it had decided to reduce the 24-hour deposit rate from 15.75 percent to 14.25 percent and the 24-hour loan rate from 16, 75% to 15.25%.
According to the MPC press release, the decline in the annual rate of core inflation and core inflation continued "to 8.7% and 5.9% in July 2019, the rate the lowest for nearly four years, despite the state's recently introduced fiscal control measures. This has covered the cost of most petroleum products. "
In its statement, the Policy Committee attributed low interest rates to four factors, the first of which was "the control of inflationary pressures, reflected in relatively low monthly inflation rates, as well as in the inflation rate". the positive impact of the base year, as the fiscal consolidation measures recently implemented are weaker than in the previous year ".
“ At the same time, preliminary data point to a slight increase in real GDP growth to 5.7% in the second quarter of 2019 and 5.6% for the fiscal year 2018/2019, The highest rate since the 2007/08 fiscal year. "
The committee also decided to reduce interest rates for a second reason: the fall in the unemployment rate, which reached 7.5% in the second quarter of 2019, a decrease of about 6 percentage points compared to peak of 13.4% in the fourth quarter of 2013.".
The MPC's statement also cited a third reason for the "continued slowdown in the growth rate of the global economy and the negative impact of trade tensions on growth prospects, which helped to ease the situation. global financial market by reducing the core interest rates of a number of central banks ".
In addition, the Committee cited the fourth reason for the recent decline in "world oil prices", which remains vulnerable to volatility "due to regional risks as well as other supply factors.".
"Given the continued control of inflationary pressures and all developments at the national and international levels, the Monetary Policy Committee has decided to reduce the central bank's base rate of return by 150 basis points. with the achievement of the target inflation rate of 9% in the fourth quarter of 2020 and price stability..
The committee stressed that it would continue to "make its decisions based on expected future inflation rates, and not prevailing inflation rates." Therefore, the pace and rate of inflation will be higher. extent of future central bank rate of return adjustments will continue to depend on the consistency of inflation expectations with target rates, in order to ensure price continuity Medium-term price stability target.
The committee noted that it would continue to "monitor all economic developments" without hesitation to "change its policy to maintain monetary stability".
