Cairo, 18 July 2024 - The Central Bank of Egypt (CBE) announced today that it will maintain the overnight lending rate at 28.25%, matching the previous rate set in the last update. This decision marks the second consecutive term where the rate has remained unchanged, reflecting a continuing stance on monetary policy aimed at stabilizing the nation's economy.
The decision to hold the rate steady comes amidst a challenging economic environment characterized by inflationary pressures and efforts to stimulate economic growth. By keeping the overnight lending rate at 28.25%, the CBE is signaling a cautious approach, prioritizing financial stability while awaiting further developments in domestic and international markets.
Stakeholders, including businesses and investors, are closely monitoring the Central Bank's movements, as the stable rate provides a measure of predictability in an otherwise uncertain economic landscape. The next review by the CBE will be keenly anticipated as the institution continues to navigate the complexities of Egypt's economic dynamics.
