The Central Bank of Egypt decided to increase the policy rate by 200 points from 19.25% to 21.25%. This was reported by TASS.
According to the Monetary Policy Committee of the Central Bank of Egypt, despite the decline in global inflation, the general level of prices of goods and services remains unpredictable. The Egyptian regulator noted that this was especially true for changes in world commodity prices linked to shipping disruptions in the Red Sea.
The document shows that Egypt’s real GDP growth rate is 2.7% in the third quarter of 2023, compared to 2.9% in the second quarter. According to the Central Bank, indicators point to a slowdown in economic activity.
It is stated that the Central Bank of Egypt will increase the key interest rate in its operations twice in 2023. It was increased by 200 points in March, and then by another 100 points in August.
Before that the Central Bank of Russia announced A document that will detail all discussions leading up to the key rate decision.
Previously Nabiullina explainedWhy is inflation slowing down in Russia?