The Central Bank of Egypt (CBE) decided to keep overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 16.75 %, 17.75 %, and 17.25 %, respectively, Invest-Gate reports.

The discount rate was also kept unchanged at 17.25 %.

“The anticipated adjustment of regulated prices in the context of the fiscal reform program pushed headline inflation up to 13.5% in July 2018 from 11.4% in May 2018. On the other hand, core inflation continued to decline for the twelfth consecutive month to record 8.5% in July 2018, the lowest rate since more than two years,” according to a press release by the CBE.

The CBE’s Monetary Policy Committee (MPC) closely monitors all economic developments and will not hesitate to adjust its stance to achieve its mandate of price stability over the medium term.