Thursday, August 28, 2014

Egypt pushes back policy meeting to Monday, Sept. 1

    The Central Bank of Egypt (CBE) has changed the date for the meeting of its Monetary Policy Committee to Monday, Sept. 1 from Thursday, Aug. 28.
    The central bank did not provide any reason for the adjustment in a brief statement.
    At its previous meeting on July 17, the CBE surprised financial markets by raising its key interest rates by 100 basis points in a preemptive move to anchor inflation expectations and limit a general increase in prices following the government's price increase on several regulated items, including fuel, electricity and tobacco, as part of its plan to reduce budged deficits.
    Egypt's headline inflation rate jumped to 10.61 percent in July from 8.2 percent and the core inflation rate rose to 9.35 percent from 8.76 percent.
    In addition to raising the benchmark overnight deposit rate by 100 basis points to 9.25 percent, the CBE last month also raise the overnight lending rate to 10.25 percent, the rate on its main operation to 9.75 percent and the discount rate to 9.75 percent.


Post a Comment