The Central Bank of Egypt (CBE) kept on Thursday key interest rates unchanged for the fourth time in a row. The CBE's Monetary Policy Committee (MPC) decided to maintain all key rates; the overnight deposit rate, lending rate, and main operation rate, steady at their current levels at 27.25 per cent, 28.25 per cent, and 27.75 per cent, respectively. The discount rate also remained unchanged at 27.75 per cent. The central bank kept rates steady at its last three meetings, on July 18 and May 23. On March 6, the CBE hiked rates by 600 basis points (bps) at an all-time high, bringing total hikes since the beginning of the year to 800 bps. The MPC will hold two more meetings this year, on November 21 and December 26. Annual urban headline CPI inflation for September 2024 recorded 26.0 per cent compared to 25.6 per cent in August 2024 primarily driven by rising costs of essential goods and services. Attribution: CBE
