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The Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting today, to keep the rates of the overnight deposit and lending return and the price of the main operation of the Central Bank at the level of 16.25%, 17.25% and 16.75, respectively, while maintaining the credit and discount rate at the level of 16.75%.
The bank said, in a statement published on its official website on the Internet, that the global commodity price expectations indicate a slight increase compared to the expectations that were presented to the Bank’s Monetary Policy Committee during its previous meeting, while the financial conditions of the US economy continued to ease, and conditions in general stabilized. in the euro area compared to the information available during the previous meeting of the Monetary Policy Committee.
The bank indicated that there are still many factors that contribute to the continuation of the uncertainty associated with the global commodity price expectations.
He explained that the most important of these factors is the expected slowdown in global economic activity, the easing of precautionary measures related to the Corona epidemic in China, and the continuation of the Russian-Ukrainian crisis..
In terms of the local economy, the bank indicated that the economy recovered during the third quarter of 2022, recording a real GDP growth rate of 4.4%, compared to 3.3% during the second quarter, as the recovery was driven by an improvement in economic activity in the sectors of tourism, agriculture, and wholesale and retail trade..
The bank added that the urban annual general inflation rate rose to 21.3% last December, while the core inflation rate rose to 24.4% during the same month.
The average inflation rate during the last quarter of last year was 18.7% annually.