Media ININ Economy We Trust
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.
