Today, the Monetary Policy Committee of the Central Bank of Egypt meets to decide the interest rate for the third time in 2023, as the first meeting was on February 2, and the interest rate was fixed.
Expectations indicate that the central bank will take a decision to stabilize the interest rate, after it was raised by 200 basis points on March 30.
These estimates are supported by a number of basic factors, the most important of which is the slowdown in inflation rates in the country, as shown by the latest reports of the Central Bank of Egypt for the month of April.
The Central Bank revealed the reasons for the decline in inflation last April, and stated during its monthly analysis that the annual rate of general inflation slowed in urban areas to record 30.6% in April 2023 from a rate of 32.7% in March 2023, which is the first slowdown since June 2022.
According to the Central Bank, this slowdown is originally due to the positive impact of the base period that resulted from the monthly developments in April 2022, compared to its usual seasonal pattern. Non-food commodities are relatively stable.
This article was originally published by RT.