For the third time in a row, the central bank fixes the interest rate on deposit and lending

For the third time in a row, the central bank fixes the interest rate on deposit and lending
For the third time in a row, the central bank fixes the interest rate on deposit and lending

Thursday, September 22, 2022 – 06:45 PM

The Monetary Policy Committee of the Central Bank of Egypt decided, during its meeting today, Thursday, September 22, 2022, headed by Governor Hassan Abdullah, to maintain the interest rate on deposit and lending overnight for the third time in a row and the fourth this year.

The price of the main operation of the Central Bank stabilized at the level of 11.25%, 12.25% and 11.25%, respectively, and the credit and discount rate was kept at the level of 11.75%.

The Monetary Policy Committee’s decision to maintain interest rates

The Central Bank stated that the Monetary Policy Committee’s decision to keep the basic interest rates unchanged is consistent with achieving the goal of price stability in the medium term, and that the global prices of some basic commodities have decreased relatively, such as: oil and wheat, after reaching their peak, following the outbreak of the conflict between Russia and Ukraine.

The Central Bank noted that global economic activity has been slowing due to the effects of the Russian-Ukrainian crisis, and the increase in geopolitical risks in Southeast Asia has led to increased uncertainty in the global economic outlook.

He explained that despite the decrease in its incidence, compared to previous months, global financial conditions continued to be restricted, as central banks abroad continued to tighten monetary policies by raising interest rates and reducing asset purchase programs, to contain the high inflation rates in their countries.

Core annual consumer price inflation

The annual basic inflation rate of consumer prices, according to the Central Bank, rose 16.7% in August 2022 compared to 15.6% in July 2022, while the monthly inflation rate reached 0.6% at the end of August 2022, compared to a negative rate of 0.3% in the same month of the previous year and a monthly rate of 1.5% in July 2022.

According to the calculations of the Central Agency for Public Mobilization and Statistics, the annual general inflation rate was 14.6% in August 2022 compared to 13.6% in July 2022, while the monthly inflation rate was 0.9% in August 2022, compared to a rate of 0.1% in the same month of the previous year, and a monthly rate of 1.3 % in July 2022.


The article is in Arabic

Tags: time row central bank fixes interest rate #deposit lending

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