CAIRO - (Xinhua) - The Central Bank of Egypt announced today (Thursday) fixing interest rates on deposit, lending, credit and discount.

The Central Bank of Egypt said, in a statement, of which Xinhua received a copy, that the bank's monetary policy committee decided, in its meeting today, to keep the rates of the overnight deposit and lending return and the price of the central bank's main operation at the level of 11.25%, 12.25% and 11.75%, respectively. arrangement.

The Monetary Policy Committee of the Central Bank of Egypt decided to keep the credit and discount rate at 11.75%.
This came the day after Egyptian President Abdel Fattah El-Sisi accepted the Central Bank Governor Tariq Amer's apology for continuing in his position, and assigned him today, Hassan Abdullah, to carry out the work of the bank's governor.

The Central Bank of Egypt stated that the preliminary data indicates that the real gross domestic product achieved a higher-than-expected growth rate, as it recorded 6.2% during the fiscal year 2021/2022, compared to 3.3% during the previous fiscal year.

With regard to the labor market, he noted that the unemployment rate stabilized at 7.2% during the second quarter of 2022, attributing this to the increase in the number of workers and the labor force by the same amount.

The annual rate of urban general inflation during July 2022 resumed its upward trend that it had taken since December 2021, to record 13.6%, after it slowed down in June 2022, recording 13.2%. At the same time, the annual rate of core inflation recorded 15.6% in July 2022, compared to 14.6% in the month. the previous.

The statement indicated that the Monetary Policy Committee's decision to keep the central bank's basic interest rates unchanged is consistent with achieving the goal of price stability in the medium term.

It is worth noting that monetary policy tools are used to control inflation expectations, reduce inflationary pressures from the demand side and the secondary effects of supply shocks, which may lead to higher inflation rates than the target rates.