Daily News Egypt

CBE keeps interest rates unchanged - Daily News Egypt

Advertising Area




Advertising Area




CBE keeps interest rates unchanged

Central Bank of Egypt says it has kept current rates unchanged due to inflation and GDP outlooks


Central Bank of Egypt says it has kept current rates unchanged due to inflation and GDP outlooks (Al-Borsa Photo)
Central Bank of Egypt says it has kept current rates unchanged due to inflation and GDP outlooks
(Al-Borsa Photo)

By Menna Zaki

The Central Bank of Egypt’s (CBE) Monetary Policy Committee announced in an official statement that it would be keeping the overnight deposit rate, the overnight lending rate and the rate of main operations unchanged at 8.25%, 9.25% and 8.75% respectively.

The bank added that the discount rate will remain unchanged at 8.75%.

The bank said that the current rates announced are appropriate “given the mixed balance of risks surrounding the inflation and the GDP outlooks at this juncture.”

In February, the Central Agency for Public Mobilization and Statistics’ (CAPMAS) monthly report indicated that inflation rates surged by 12.2% compared to the same period last year.

CAPMAS also highlighted that inflation increased by 1.6% between December 2013 and January 2014.

During the first quarter of the 2013/2014 fiscal year, the gross domestic production (GDP) registered a 1% growth, compared to 2.6% during the same period the preceding year.

The bank pointed out that the “modest growth” in key sectors, such as manufacturing, construction, tourism and petroleum, are reflected in the GDP.

“Investment  levels  remained  low  given  the  heightened  uncertainty  that  faced  market participants since early 2011 and the weak credit growth to the private sector,” the bank said.

Advertising Area

Advertising Area

Advertising Area

Advertising Area

https://www.dailynewsegypt.com/2014/03/01/cbe-keeps-interest-rates-unchanged-2/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe