Central Bank of Egypt Holds Interest Rate

Committee of monetary policy of Central Bank of Egypt (CBE) decided at its meeting on 28/7/2012 to hold overnight deposit and lending rate at 9.25 % and 10.25 % respectively, while also holding the discount and credit rate at 9.5% and repo rate at 9.75%. The bankers commented that the decision fits with the current economic status that requires measures and appropriate procedures to maintain the stability of the exchange market. The decision also reflects the ability of the central bank to continue its balanced monetary administration to face the difficulties the economy face in light of the circumstances and the current conditions facing the Egyptian market that affect the sources of foreign exchange, they added.