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Monetary Policy Committee

MPC maintains key policy rates for first time since March

For Q1 2022, domestic economic activity saw a slowed pace of expansion, registering a preliminary growth of 5.4%, compared to 8.3% in Q4 of 2021 (the second highest real GDP growth rate since Q3 2002)

MPC raises key policy rates by 200 basis points against continued global challenges

Until the start of the Russia/Ukraine conflict, Egypt’s MPC had not changed interest rates for 10 consecutive meetings

CBE governor defends CBE decisions, calls EGP value drop a “correction”

The sudden drop reminded many Egyptians of the November 2016 devaluation, which saw the pound lose nearly half of its value

MPC raises interest rates in unscheduled meeting amidst global inflationary pressure

Being keen on safeguarding the achieved macroeconomic stability, the CBE stresses on the importance of the exchange rate flexibility to act as a shock absorber to preserve Egypt’s competitiveness

MPC closes final meeting of 2021 by keeping interest rates on hold

The MPC expect global financial conditions to remain accommodative and supportive of economic activity over the medium-term