The Central Bank of Egypt kept interest rates unchanged in the range of 9.25 and 10.25 percent. Where the Central Bank of Egypt’s Monetary Policy Committee decided to keep the interest rates on deposit and lending for one night, and the price of the main operation at 9.25 percent, 10.25 percent, and 9.75 percent, respectively. It also kept the price of credit and discount at 9.75 percent.
According to the central bank, the annual rate of urban headline inflation fell to 4.7 percent in May, from 5.9 percent in April, supported by containing inflationary pressures and the positive impact of the base period.
The bank revealed that the growth in the country's real GDP came as expected, as it recorded a growth of 5 percent during the first quarter of this year, down from 5.6 percent in the last quarter of 2019. The bank attributed the slowdown in growth, to the impact of economic activity in March by the Corona pandemic, and the precautionary measures partly associated with it.
According to the Central Bank of Egypt, the unemployment rate rose to 9.2 percent in April, from 7.7 percent recorded in the first quarter of 2020, and 8 percent in the fourth quarter of 2019.
Source (Anatolia Agency, Edited)
