In the coming hours, the Egyptian street is awaiting the decision that will result in setting the interest rate during the Central Bank meeting. The Central Bank’s Monetary Policy Committee convenes periodically every 6 weeks to review the interest on deposits and lending, and the rate of the main operation at the Central Bank of Egypt.
Details of the Central Bank meeting in October 2024
The Monetary Policy Committee decided during the latest Central bank meeting On the 17th of last October, Al-Masry decided to keep the basic interest rates unchanged, recording the overnight deposit and lending rates and the central bank’s main operation rate at 27.25%, 28.25% and 27.75%, respectively. It was also decided to keep the credit and discount rates at 27.75%.
Reasons for the decision of the previous central bank meeting
The official statement that followed the bank meeting explained Egyptian Central Bank Previously, the decision to keep current interest rates as they are is a reflection of the latest developments and expectations at the global and local levels, since the previous meeting of the Monetary Policy Committee.
Central bank and inflation meeting in September 2024
According to special statements by Dr. Abdel Moneim El-Sayed, economic expert and director of the Cairo Center for Strategic and Economic Studies, one of the most prominent determinants of the decision that will be taken tonight during the Central Bank’s meeting to review interest rates is the core inflation rate, which fell to 24.4% in October 2024 compared to about 25%. In September 2024.
Interest rate and monthly inflation decline
He pointed out that what the Central Bank announced a few days ago regarding the monthly rate of change in the core consumer price index, which recorded 1.3% in October 2024, compared to about 1.8% in October 2023 and 1% in September 2024.