The Clap The CBE decided to fix the interest rate at 11.25% for deposit and 12.25% for borrowing.
The Deets The CBE said that the slowdown in the global economy on the back of the Russia-Ukraine war. The central banks had increased interest rates, while prices of some commodities like petrol and wheat decreased.
Keeping the interest rate unchanged aligns with the CBE’s goals in having stable prices in the medium term. The CBE will continue to monitor the effect its decisions have on inflation and the economy.
Why this Matters This is the second time in a row that the CBE leaves interest rates unchanged.
More Info This is the first official CBE decision following Tarek Amer’s resignation, and the appointment of Hassan Abdalla as acting governor of the CBE.