Egypt’s central bank said on Wednesday that its monetary policy meeting on interest rates had been postponed to January 16 from this week.
Thursday’s scheduled meeting had been delayed to await “the approval of the formation of the Board of Directors and the Monetary Policy Committee for the new term,” said the statement.
Egyptian President Abdel Fattah al-Sisi reappointed Tarek Amer as the governor of the central bank last month for a second four-year term.
The central bank cut rates by a combined 350 basis points (bps) at its last three consecutive meetings and 100 bps in February.
Overnight rates are at 12.25 percent for deposit and 13.25 percent for lending.
A Reuters poll indicated the bank was expected to keep its key interest rates steady at Thursday’s meeting.
Egypt’s annual urban consumer price inflation rose to 3.6 percent in November from 3.1 percent in October, which was its lowest since December 2005. The November reading of 3.6 percent was still Egypt’s lowest since January 2006, according to Refinitv data.
Egypt central bank expands financing for distressed tourism companiesEgypt’s central bank is increasing its financing package to help distressed tourism companies and investors to 50 billion Egyptian pounds ($3.1 ... Economy
Egypt’s central bank governor appointed for second term: State MediaEgypt’s central bank governor Tarek Amer has been appointed to a second four-year term, state media reported on Monday. State-run newspaper Al ... Business
Egypt’s central bank may maintain key rates ahead of expected fuel price hikeEgypt’s central bank is likely to maintain interest rates at its meeting on Thursday, a Reuters poll showed on Monday, although some analysts ... Financial Markets
Egypt’s central bank seen keeping key rates unchangedEgypt’s central bank will likely keep its key interest rates unchanged at its meeting on Thursday, a Reuters poll showed on Tuesday, as ... Economy