Egypt grapples with economic decisions amid high inflation rates
The Monetary Policy Committee of the Central Bank of Egypt decided to hold key interest rates for the fifth consecutive quarter, which raised questions about the government's ability to lower the high inflation rate.
CAIRO — The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Nov. 15 to leave key interest rates steady, keeping the deposit rate at 16.75% and the lending rate at 17.75% for the fifth consecutive quarter amid a rising inflation rate that stood at 17.7% in October, compared to 16% in September.
This raised questions about the bank’s ability to reach the target inflation rate of 13% (± 3%) during the fourth quarter of 2018.
