The Central Bank of Egypt held its overnight deposit rate at 27.25% and its overnight lending rate at 28.25% at its October 2024 Monetary Policy Committee meeting, as policymakers weighed a second consecutive monthly rise in headline inflation.
The hold followed monetary tightening earlier in 2024, when the CBE raised rates as part of a package of economic reforms supported by the International Monetary Fund. The increases were accompanied by a currency adjustment that allowed the Egyptian pound to move to a more market-determined level.
INFLATION
Annual urban headline inflation edged up to 26.4% in September 2024 from 26.2% in August, the second consecutive monthly increase.
The Committee judged that keeping rates unchanged was appropriate and said it would continue to monitor economic developments closely.