Thursday, June 20, 2013

Egypt holds interest rates steady

    Egypt's central bank held its benchmark overnight deposit rate steady at 9.75 percent, along with its other main rates, and said it would soon issue a policy statement.
    The overnight lending rate was maintained at 10.75 percent and the rate of the Central Bank of Egypt's (CBE) main operation at 10.25 percent along with the discount rate at 10.25 percent.
    The CBE raised its rate by 25 basis points in April to fend off inflationary pressures but held rates steady in May to give its rate hike time to take effect.
    Egypt's headline inflation rate was largely steady in May, with prices up 8.2 percent from 8.1 percent in April.
    Last week, the governor of the central bank said the government was in the late stages of verifying its economic reform program with the International Monetary Fund before receiving a $4.8 billion loan that is needed to stabilise the country's balance of payments and state finances.


Post a Comment