Egyptian central bank leaves key interest rates unchanged

Ahram Online, Thursday 9 May 2013

Central bank's monetary policy committee keeps key lending and deposit rates unchanged at 10.75, 9.75 percent respectively


The Central Bank of Egypt (CBE)'s monetary policy committee on Thursday maintained key lending and deposit rates unchanged at 10.75 and 9.75 percent respectively.

In March, the CBE raised lending and deposit rates by 50 points each in the first such move since November 2011.

On Thursday, the bank also maintained its discount rate and weekly repurchase agreement (repo) rate at 10.25 percent.

On the same day, government statistics agency CAPMAS announced that Egypt’s urban Consumer Price Index (CPI) had grown by 8.1 percent in the 12 months to April, recording 133.8 points.

CAPMAS attributed the increase to a weakening local currency, energy shortages and government austerity practices.

The annual urban inflation rate in the 12 months to March 2013 stood at 7.6 percent, according to CAPMAS.

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