Central Bank of Egypt holds rates despite lower inflation


The monetary policy committee of the Central Bank of Egypt has kept rates unchanged, although inflation fell sharply in June.

The overnight deposit rate remains at 15.75%, and the overnight lending rate at 16.75%.

Inflation in the Arab economy fell sharply last month. Annual headline inflation declined to 9.2% in June from 14.1% in May, and core inflation fell to 6.4% from 7.8% over the same period. “This decline was strongly supported by favourable base effects, resulting from the direct and

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