Urgent .. the central bank fixed interest rates on the pound for the first time since August

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HABI – The Central Bank of Egypt decided, at a meeting of the Monetary Policy Committee, a little while ago, to fix interest rates on the pound, for the first time since last August, at its current levels of 12.25% for deposits and 13.25% for overnight lending.

The interest rates on the pound have witnessed a series of successive cuts in the last 3 meetings of the Monetary Policy Committee, with a total of 350 basis points, preceded by another reduction in February 2019 by 100 basis points, bringing the total amount of the rate cut to 450 basis points during the past year.

Most macroeconomic analysts at investment banks suggested that the central bank keep interest rates at today’s meeting, out of certainty from inflation trends, in addition to testing the appetite of foreign financial portfolio investors in light of political tensions in the region.

The Monetary Policy Committee held its last meeting, on November 14, 2019, after the Central Bank announced the postponement of the meeting that was scheduled for December 26 to January 16, 2020 until the announcement of the formation of the new monetary policy committee.

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