2023-06-22 19:05:27
The Central Bank of Egypt announced that it kept the main interest rates unchanged today.
The Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting today, to maintain the rates of the overnight deposit and lending return and the rate of the main operation of the Central Bank at the level of 18.25%, 19.25% and 18.75%, respectively.
The credit and discount rate was kept at 18.75%.
The Committee noted that despite the contribution of both the tightening of monetary policy and the decline in global energy prices in reducing global inflationary pressures, the current inflation levels remain higher than the target levels in the major economies.
She explained that the growth rate of real economic activity recorded 3.9% during the last quarter of 2022, compared to a growth rate of 4.4% during the third quarter of the same year.
Thus, the first half of the fiscal year 2022/2023 recorded a growth rate of 4.2%.
She said that the unemployment rate decreased slightly to 7.1% during the first quarter of 2023, compared to a rate of 7.2% during the previous quarter, mainly due to the increase in the number of workers.
According to the committee, the annual rate of general and basic urban inflation recorded 32.7% and 40.3% last May, respectively.
This is mainly due to the rise in the prices of food commodities and the prices of non-food commodities.
The committee noted the consistency of the data received with the expectations presented to it at the meeting last May.
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