In its meeting held on September 1, 2014, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to keep the overnight deposit rate, overnight lending rate, and the rate of the CBE’s main operation unchanged at 9.25 percent, 10.25 percent, and 9.75% percent respectively.
The discount rate was also kept unchanged at 9.75 percent.
In a meeting held Thursday, July 17, 2014, the central bank had decided to raise the overnight deposit rate, overnight lending rate and the rate of the CBE’s main operation by 100 bps each to 9.25%, 10.25% and 9.75% respectively. The discount rate was also raised by 100 bps to 9.75%, according to the central bank’s official website.
Mohsen Adel, Vice Chairman of EGP-Finance Association, said the central bank took the right decision amid caution and anticipation among decision makers about the possible direct and indirect economic impact of rising fuel prices and levying more tax.
The decision came at a time in which the government has taken several major economic moves to prevent the hike in fuel prices from impacting strategic and basic commodities, Adel told Mubasher.
The discount rate was also kept unchanged at 9.75 percent.
In a meeting held Thursday, July 17, 2014, the central bank had decided to raise the overnight deposit rate, overnight lending rate and the rate of the CBE’s main operation by 100 bps each to 9.25%, 10.25% and 9.75% respectively. The discount rate was also raised by 100 bps to 9.75%, according to the central bank’s official website.
Mohsen Adel, Vice Chairman of EGP-Finance Association, said the central bank took the right decision amid caution and anticipation among decision makers about the possible direct and indirect economic impact of rising fuel prices and levying more tax.
The decision came at a time in which the government has taken several major economic moves to prevent the hike in fuel prices from impacting strategic and basic commodities, Adel told Mubasher.
Source:
Mubasher
