Egypt’s central bank postpones policy meeting to Jan. 16

The central bank said in a statement the postponement was to await the formation of the bank’s new board. (AP)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:56 - GMT 06:56