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CBE keeps interest rates unchanged amid Fed hike

CBE keeps interest rates unchanged amid Fed hike
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Cairo - Mubasher: The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to keep the current key interest rates unchanged for the third time on 22 September 2022, according to an official statement. 

The CBE maintained its overnight deposit and lending rates, as well as the rate of the main operation, at 11.25%, 12.25%, and 11.75%, respectively. The discount rate was also kept unchanged at 11.75%.

In addition, the central bank decided to raise the required reserve ratio to 18% from 14%, which aligns with the stance that the CBE is maintaining by calibrating liquidity conditions.

The US Federal Reserve (Fed) has recently increased its interest rate by 75 basis points for the third consecutive time. Gulf countries followed the Fed’s hike, with the Saudi Central Bank (SAMA) increasing its repo and reverse repo rates by 75 basis points to 3.75% and 3.25%, respectively.

In like manner, the Central Bank of the UAE (CBUAE) lifted its base rate applicable to the Overnight Deposit Facility (ODF) to 3.15% instead of 2.40%.