Today.. Central Bank of Egypt meeting to set interest rates (seventh in 2024)

Today, Thursday, the Central Bank of Egypt will hold its seventh meeting in 2024 to review interest rates. The Monetary Policy Committee meets every six weeks to discuss these rates.

Latest Central Bank Decision

At its last meeting on October 17, the Monetary Policy Committee decided to keep interest rates unchanged. The key rates are 27.25% for deposits, 28.25% for lending, and 27.75% for other transactions.

Recent Central Bank Meetings in 2024

The fifth meeting on September 5 also maintained the same rates: 27.25% for overnight deposits, 28.25% for lending, and 27.75% for the main operation rate. Similarly, the fourth meeting on July 18 led to the same decisions regarding these rates.

During the third meeting on May 23, the committee again opted to keep the rates steady at 27.25%, 28.25%, and 27.75% for deposits, lending, and main operations, respectively.

Extraordinary Meeting Result

An extraordinary meeting on March 6 resulted in a rate increase of 600 basis points. The overnight deposit rate rose to 27.25%, and the lending rate reached 28.25% to tighten monetary policy. This adjustment followed previous hikes totaling 1,900 basis points since 2022.

Initial Meeting of the Year

The first meeting of 2024 took place on February 1. The committee increased the overnight deposit and lending rates by 200 basis points, setting them at 21.25% and 22.25%, respectively. The central bank’s main operation rate increased to 21.75%, as did the credit and discount rate.

Upcoming Meeting Dates

Today’s meeting is the seventh of 2024. One more meeting is scheduled for December 26, 2024.