Egypt holds rates as inflation recedes
Central bank only forecasts significant decline in inflation next year
The Central Bank of Egypt (CBE) has held all its key interest rates, as inflation in the country gradually recedes.
The bank’s overnight deposit rate remains at 27.25%, its overnight lending rate stays at 28.25% and the main operation rate is being held at 27.75%.
Year-on-year inflation slowed to 27.5% in June; this was down from 28.1% in May, a fourth consecutive monthly decline. Core inflation also fell to 26.6%, down from 27.1% in May.
The CBE said the continued reduction in inflation had been
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