Egypt’s central bank maintained its benchmark interest rates on Thursday, keeping the overnight deposit rate at 19% and the lending rate at 20%.
The decision, announced by the monetary policy committee in Cairo, reflects a pause in tightening as inflationary pressures show signs of moderating. Consumer prices rose 33.6% in July from a year earlier, down from 35.7% in June, according to official data.
The central bank has raised rates by a cumulative 1,100 basis points since March 2022 to combat inflation, which peaked at 38% in September 2023. The policy stance remains focused on anchoring inflation expectations amid persistent currency pressures and elevated food costs.
Analysts noted the decision underscores the bank’s cautious approach as it balances inflation control with growth considerations. The pound has depreciated by roughly 50% against the dollar since early 2022, adding to imported inflation risks.
The committee’s next meeting is scheduled for September 18, 2026.
