Egypt’s central bank said on Thurday that its monetary policy meeting on interest rates had been postponed to Jan. 16 from this week.
Yesterday’s scheduled meeting had been delayed to await “the approval of the formation of the Board of Directors and the Monetary Policy Committee (MPC) for the new term,” said the statement.
Egyptian President Abdel Fattah al-Sisi reappointed Tarek Amer as the governor of the central bank last month for a second four-year term.
The central bank cut rates by a combined 350 basis points (bps) at its last three consecutive meetings and 100 bps in February. Overnight rates are at 12.25per cent for deposit and 13.25 per cent for lending.
A Reuters poll indicated the bank was expected to keep its key interest rates steady at yesterday’s meeting.
Egypt’s annual urban consumer price inflation rose to 3.6per cent in November from 3.1per cent in October, which was its lowest since December 2005. The November reading of 3.6per cent was still Egypt’s lowest since January 2006, according to Refinitv data.
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