Lira tumble hits hard Turkey's key construction sector    Displacements in northern Ethiopia up relief needs: UN    Int'l Day of Persons with Disabilities reminds world of their needs: Ashraf Marei    Opinion| Consequences of US withdrawal from Middle East    Opinion| UNIDO Egypt fosters manufacturing sector recovery in a changing economy    Cairo joins in 'Orange the World' campaign raising awareness on gender-based violence    EU, Egypt partner in supporting gender-targeted programmes: Ambassador Berger    Luiza Formenius launches new single 'I'll Be Home For Christmas'    Export-Import Bank of Korea delegation visits Cairo to chart Roadmap for future cooperation    Egypt renews call for nuclear weapon-free zone in Middle East    Wegz is most streamed artist in Egypt during 2021 for second consecutive year: Spotify    Orange Egypt Continues its Sponsorship for iRead Awards Ceremony    Egypt, Qatar discuss cooperation in sports infrastructure    Prominent Egyptian anchor calls on UK to designate "Muslim Brotherhood" a Terrorist entity    Egypt, Israel sign deal sign MoU to increase gas supplies, hydrogen transport    Egypt's stocks end week in green as benchmark EWX 30 surges 0.69%    Mortada Mansour sets road map for Zamalek, after normalization committee depart    I seek to secure stable financial sources to build strong judo team: Motei Fakhr El-Din    Orascom Construction joins consortium to develop Egypt's first green hydrogen production facility    98 potential candidates run for Libyan presidency    'Lake Victoria – Mediterranean' navigation corridor awaits feasibility studies, funds: official    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Egypt selected to host COP27 international climate conference in 2022    Number of British tourists to Egypt seen hitting 500,000 this winter – envoy    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt, Greece ink deal for first subsea power link between Europe and Africa    SCOHRE sparks discussion on harm reduction, tobacco control    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's central bank maintains current key interest rates for third consecutive time in 2021
Published in Ahram Online on 28 - 04 - 2021

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided on Wednesday to keep the current interest rates unchanged for the third time in a row in 2021.
According to the decision, the overnight deposit rate, overnight lending rate, and the rate of the main operation were maintained at 8.25 percent, 9.25 percent, and 8.75 percent, respectively.
The discount rate was also kept unchanged at 8.75 percent.
The MPC said that its decision is consistent with achieving the inflation target of 7 percent (±2 percentage points) on average in the fourth quarter of 2022 and price stability over the medium term.
The decision came in light of the stabilisation of Egypt's annual headline urban inflation at 4.5 percent in March and February 2021, after registering 4.3 percent in January 2021, according to the CBE.
The stabilisation in the annual headline inflation rate came due to the combined effect of the higher annual contribution of food items and the lower annual contribution of non-food items, the CBE expounded.
It added that annual food inflation increased in March 2021 after remaining stable in February 2021, reflecting higher annual contribution of volatile food items, as well as core food items, but by a lesser extent, in line with their seasonal patterns.
Meanwhile, annual non-food inflation declined, supported by broadly stable prices in March 2021, as well as favorable base effects, according to the CBE.
Moreover, annual core inflation inched up slightly to 3.7 percent in March 2021 from 3.6 percent in February 2021.
On the other hand, Egypt's real GDP growth recorded a preliminary figure of 2.0 percent during the fourth quarter of 2020, up from 0.7 percent during the previous quarter.
The CBE also said that some leading indicators point towards a resumption of recovery towards their pre-pandemic levels.
It also added that the unemployment rate stabilised at 7.2 percent during the fourth quarter of 2020, compared to 7.3 percent during the previous quarter.
On the global level, the CBE noted that economic activity continues to display signs of recovery and resilience in the face of the COVID-19 pandemic, albeit with varying paces across countries and economic sectors.
Prospects for global economic recovery remain contingent on the development of the pandemic, and the efficacy, availability, and scale of distribution of vaccines, according to the CBE.
The CBE expected global economic and financial conditions to remain accommodative and supportive of economic activity over the medium term.
Meanwhile, international food and other commodity prices have continued to rise, as international oil prices remained elevated relative to their post-pandemic levels.
The CBE said that the changes in international oil prices were driven by demand and supply side developments, which continue to weigh on their future price trajectories.
The MPC confirmed that it closely monitors all economic developments and will not hesitate to utilise all available tools to support the recovery of economic activity within its price stability mandate.
The coming MPC meeting is scheduled for 17 June.


Clic here to read the story from its source.