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Thndr Claps » EGY Claps » Economy 🏙 » CBE leaves interest rates unchanged

CBE leaves interest rates unchanged

by Shams Abbas
February 5, 2023

The Central Bank of Egypt (CBE) has decided to keep interest rates unchanged at 16.25% for deposits & 17.25% for borrowing.

What
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.

So what
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. 

Now what
The target inflation rate for the CBE is 5%-9% by the end of 2024. As of December 2022, inflation was at 21.3%.

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