Egypt's central bank maintains interest rate

CAIRO, May 23 (KUNA) -- The Central Bank of Egypt (CBE) on Thursday kept its overnight interest rates unchanged, maintaining overnight deposit and lending rates, and the main operation rate at 27.25 percent, 28.25 percent and 27.5 percent respectively.
The move was decided during the meeting of the central bank's Monetary Policy Committee (MPC), it said in a press release, adding that the discount rate was also kept unchanged at 27.25 percent.
The decision reflects the latest developments and expectations at both local and global levels since the MPC's previous meeting, it said.
Interest rates are still well below the headline inflation rate, which was running at 32.5 percent in April. Inflation has declined from a record 38 percent in September, it noted.
In March, the bank raised the overnight deposit rate, overnight lending rates, and the main operation rate by 600 basis points to reach 27.25 percent, 28.25 percent, and 27.75 percent, respectively. (end) mm.mt