Thursday, April 28, 2011

Central Bank of Egypt Holds Deposit Rate at 8.25%

The Central Bank of Egypt held the overnight deposit rate unchanged at 8.25%, the overnight lending rate at 9.75%, the discount rate at 8.50% and the 7-day repo rate at 9.25%.  Egyptian inflation accelerated to 11.49% in March, from 10.71% in February, while core inflation fell to 8.54% from 9.51% in February.  The Bank noted that the current political transformation will continue to weigh on the economy; which paired with global risks such as continued political tensions in the region and high oil prices, makes the growth outlook uncertain, holding a balance between downside GDP growth risks and upside inflation risks.


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