Arab Finance: The Central Bank of Egypt decided to maintain… Prime interest rate On the pound, at the Monetary Policy Committee meeting for the fifth time in a row, at a level of 27.25% for deposits and 28.25% for lending.
The Central Bank of Egypt had decided to fix interest rates without change in the last 4 meetings of the Monetary Policy Committee in May, July and September 2024, after the exceptional interest rate hike in March.
The Egyptian economy has been witnessing monetary tightening for more than two and a half years, as key interest rates on the pound have risen by a full 19 percentage points (1,900 basis points) since March 2022, rising from the level of 8.25% for the deposit rate and 9.25% for the lending rate to 27.25% for the deposit. And 28.25% for lending.
It is worth noting that the Central Bank of Egypt decided, during the current year 2024, in an extraordinary meeting of the Monetary Policy Committee on March 6, to raise interest rates by a full 6 percentage points, from the level of 21.25% for deposits and 22.25% for lending, to 27.25% and 28.25%, respectively. Within the package of corrective measures that were implemented.
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