The Egyptian Central Bank offices in Cairo, Egypt (Reuters)
The Central Bank of Egypt's (CBE) Monetary policy Committee (MPC) decided in its meeting held on Thursday to keep the current interest rates unchanged.
On 16 March, the MPC held an unscheduled meeting on the back of COVID-19 outbreak. The meeting resulted in introducing three percent (300 basis points) cuts to the overnight deposit rate, overnight lending rate, and the rate of the main operation to 9.25 percent, 10.25 percent, and 9.75 percent, respectively.
The discount rate was also decreased by 300 basis points to 9.75 percent.