CBE Leaves Interest Rates Unchanged As Inflation Dropped, GDP Grew
Published Saturday, 28 July 2012 12:32 | Written by Mohamed Hamdy
The Central Bank of Egypt (CBE) said it left overnight deposit and lending rates unchanged in its meeting last Thursday at 9.25% and 10.25% respectively, as well as repo rates at 9.75% and credit and discount rates at 9.5% because the consumer price index retreated to 0.55% in June, compared to a retreat of 0.24% in May, and annual core inflation rate declined to 7.04% due to the decrease in food prices and limited decrease in non-food prices.
The Gross Domestic Product (GDP) witnessed an increase of 1.8% in the first nine months of FY 2011/2012, boosted by the recovery of construction and building sectors.
In addition, CBE see the current interest rates suitable for the current period due to the unclear future of economy.
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