The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept the current key interest rates unchanged in its meeting on Thursday 22/9/2022.

Accordingly, the CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation remain unchanged at 11.25 percent, 12.25 percent, and 11.75 percent, respectively.

The discount rate was also kept unchanged at 11.75 percent.

CBE also decided to raise the Required Reserve Ratio (RRR) on local currency deposits to 18 percent up from 14 percent.

The Required Reserve Ratio (RRR) is a monetary policy tool used by many central banks, especially in developing and emerging markets, to regulate the money supply in the market.

Source: State Information Service Egypt