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The Egyptian Central Bank kept key interest rates unchanged, revealing strong GDP growth in the second quarter of 2018 and expecting inflation to fall to single digits.
The Central Bank decided to keep deposit and lending rates for one night unchanged at 16.75% and 17.75% respectively. According to the Central Bank's Monetary Policy Committee, GDP grew by 5.4% in the second consecutive quarter, expecting the overall inflation target to remain on track, although it rose by 13.5% YoY in July from 11.4% in May.
In June, the Government increased prices of electricity and fuel, with petrol increasing up to 50 percent. In May, the Government increased the subway ticket prices.
According to the MPC, the Central Bank's key rate of return is currently ready to meet the Central Bank's target rates.