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# Central Bank of Egypt holds overnight rates at 27.25% and 28.25% at July 2024 MPC meeting
- URL: https://www.theglobalbanker.com/central-bank-of-egypt-holds-overnight-rates-at-27-25-and-28-25-at-july-2024-mpc-meeting/
- Published: 2024-07-18T16:00:00.000Z
- Updated: 2026-10-02T12:57:47.000Z
- Description: The CBE kept all four policy rates unchanged on 18 July 2024, citing easing inflation, and said it expected inflation to decline significantly in the first half of 2025.
- Author: TGB Editorial Team
- Tags: Central Banks, MENA, #archive

The Central Bank of Egypt's Monetary Policy Committee decided at its meeting on 18 July 2024 to keep the overnight deposit rate at 27.25% and the overnight lending rate at 28.25%. The rate of the main operation and the discount rate were also left unchanged at 27.75%, meaning all four of the bank's key policy rates were kept on hold.

The overnight rates have been unchanged since 6 March 2024, when the CBE raised them by 600 basis points in a single move and allowed the Egyptian pound to fall to a record low against the US dollar. On the same day, Egypt agreed with the International Monetary Fund to increase its loan programme to $8 billion.

#### INFLATION

The CBE said inflationary pressures were easing, citing improved market dynamics, the effect of its tightening cycle and favourable base effects from the high inflation recorded in 2023\. Annual headline urban inflation stood at 27.5% in June 2024, while core inflation was 26.6%.

The central bank pointed in particular to the unwinding of food price pressures. Annual food inflation, which peaked at 73.6% in September 2023, had slowed to 31.9% in June 2024.

#### OUTLOOK

The committee said it expected inflation to remain around its current levels during 2024 before declining significantly in the first half of 2025, owing to the cumulative impact of tighter monetary policy and favourable base effects. It added that the path of future policy rates would depend on expected inflation rather than prevailing rates, and that it would keep policy sufficiently restrictive to secure a sustained decline in inflation.