The Egyptian central bank has decided against a hike in interest rates, amid dovish signals from other central banks, including the US Federal Reserve on further tightening of monetary policies.
The Egyptian Monetary Policy Committee (MPC) Thursday decided to keep the Central Bank of Egypt’s (CBE) overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 16.25 percent, 17.25 percent, and 16.75 percent, respectively.
“The discount rate was also kept unchanged at 16.75 percent,” MPC said in a statement today.
The US Fed and central banks in the UAE, Saudi Arabia and Bahrain announced a 0.25 percent hike in interest rates on Wednesday.
The policy stance change comes amid signs of a cooling off in inflation and rising employment figures in the US and some of the European countries.
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