Egypt’s central bank maintains stability of interest rates on key areas

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Media IN CAIRO 25th-05-2019

Egypt’s central bank on Thursday kept its key interest rates unchanged.

The central bank held its overnight deposit rate at 15.75% and its overnight lending rate at 16.75%, a bank statement said.

Leaving them unchanged is “consistent with achieving the inflationary target of 9 percent (±3 percentage points) in 2020 Q4 and price stability over the medium term,” the bank said in a statement

Headline inflation slowed to 13% in April from 14.2% in March. It had fallen slightly in March from 14.4% in February, its highest since November. The bank’s target range is 10% to 16%.

Core inflation, which strips out volatile items such as food, also fell in April to 8.1% from 8.9% the previous month.

The Egyptian pound hit a two-year high on Thursday, bucking a downtrend among

While the deepening trade conflict between the United States and China has generally heaped pressure on emerging currencies, the pound has risen nearly 5% against the dollar since the beginning of the year.