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The central bank's policy committee kept interest rates unchanged at 15.75 percent for overnight deposits and 16.75 percent for overnight loans. The Bank said in a statement that current interest rates were "appropriate". Reach the target inflation rate of 9% in the fourth quarter of 2020 and price stability in the medium term.
Details of the declaration
In its statement on monetary policy at the Central Bank, the Committee closely followed developments in the economic situation as well as the balance of risks, adding that the Committee would not hesitate to modify policies that would maintain monetary stability.
The decision was taken at a Monetary Policy Committee meeting on Monday, the second meeting since the beginning of 2019, and the Committee decided to cut the 1% rate at the first meeting in mid-February .
Most opinion polls conducted by news agencies or media outlets have predicted analysts and experts that the central bank will lower interest rates, while polls have concluded that interest rates should not change in the current circumstances.
The inflation rate in Egyptian cities accelerated in February to 14.4%, against 12.7% in January.
Mohamed Abu Pasha, an economist at the Egyptian investment bank EFG-Hermes, said in a press statement that inflation had risen in February, "which reduces the really positive interest margins before next reductions of support ".
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