The Monetary Policy Committee of the Central Bank of Egypt, chaired by Hassan Abdullah, will convene next Thursday to finalize interest rates for banks. The committee’s sixth meeting, scheduled for September 5th, will decide on the average interest rate, marking the sixth out of nine planned meetings for the current year. Two months ago, the committee decided to maintain interest rates on banking transactions for the second consecutive time, setting the deposit rate at 27.25%, overnight lending at 28.25%, the central bank’s main operation at 27.75%, and credit and discount rates at 27.75% each. These decisions, aimed at controlling inflation and stabilizing the national economy, are influenced by global and regional factors. The Central Bank of Egypt has successfully reduced inflation levels, as evidenced by the July inflation figures, which showed a decrease of -0.5% compared to June’s 1.3% on a monthly basis. Annual inflation rates also saw a decrease of 2.2%, reaching 24.4% in July compared to 26.6% in June. With the upcoming Monetary Policy Committee meeting on September 5th, the committee has three remaining meetings scheduled for the rest of the year, on October 17th, November 21st, and December 26th.
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