“Central Bank’s Monetary Policy Committee Meetings and Interest Rate Updates in 2023”

The Central Bank announced the date of the meeting of the Monetary Policy Committee, which will be on June 22, 2023, in order to determine the interest rate, and this is the third meeting of the committee this year, after the first meeting was held for February, the second in March, and the third was in May 2023. And the meetings were between rise and fall, and they worked on a great disturbance in the Egyptian market, which led to a significant increase in commodities, and we explain to you the latest meetings of the Central Bank and interest rates on deposits and lending, in order.

Central bank interest rates

In the same context, the first meeting of the Monetary Policy Committee decided for the first time, and that was on Thursday, February 22, 2023, to decide to maintain the deposit and lending rates, bringing the interest rate in the central bank to 16.25% and 17.25% for deposit and lending, respectively, in addition to maintaining the The credit and discount rate is at the level of 16.75%, while the second meeting of the committee decided in its second meeting of this year on Thursday, March 30, 2023, and it has been raised to reach the interest rate of 18.25% and 19.25% for deposit and lending, respectively, while the discount on credit and discount is about 200 point to reach 18.75%.

interest rate maintenance factors

And the Central Bank of Egypt decided to hold its third meeting on Thursday, corresponding to May 18, 2023, to keep the deposit and lending rates in order, bringing the price of the main currency at 18.25% and 19.25%, respectively. It is the restriction of monetary policies on the part of many central banks, in addition to the decline in global oil prices, and one of the main factors is the decline in the severity of bottlenecks in global supply chains.