The Central Bank of Egypt (CBE) has decided to keep interest rates unchanged at 16.25% for deposits & 17.25% for borrowing.
The CBE noted that inflationary pressures on the demand side are still present & that they raised interest rates by 5% during the fourth quarter of 2022 in an effort to control inflation.
The CBE believes it’ll take time for the effects of its monetary policy to be seen, & so they have decided to keep rates steady for now.
The target inflation rate for the CBE is 5%-9% by the end of 2024. As of December 2022, inflation was at 21.3%.