The Monetary Policy Committee of the Central Bank of Egypt decided, at its meeting on Thursday 22 September 2022, to keep the interest rates on sight deposits and loans and the main operating rate of the central bank at the level of 11.25%, 12.25% and 11.75%, respectively.
The credit and discount rate was also kept at 11.75%.
The Central Bank of Egypt has also decided to increase the percentage of cash reserves that banks are obliged to keep at the Central Bank of Egypt to 18% instead of 14%, and this decision will help to tighten the monetary policy pursued. by the Central Bank.
The Central Bank decides to fix the interest rate on deposits and loans–
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Resolution of the Monetary Policy Committee:
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** To set the interest rates on deposits and overnight loans and the rate of the main operation of the Central Bank
11.25%, 12.25% and 11.75% respectively.
** Maintenance of credit and discount rate at 11.75%
** Increase in the cash reserve ratio of banks to 18% instead of 14%.
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