The Central Bank of Egypt said that preliminary indicators for the third quarter of 2024 show real GDP growth at a faster pace than the 2.4% recorded during the second quarter of the same year.
The Central Bank added in the Monetary Policy Committee statement that economic activity expectations for the fourth quarter of 2024 indicate a continuation of its upward trend, even if it has not yet achieved its maximum capacity, which supports the downward path of inflation in the short term, and it is expected to recover by the fiscal year 2024/2025.
The Monetary Policy Committee of the Central Bank of Egypt decided, in its meeting on Thursday, November 21, 2024, to maintain the overnight deposit and lending rates and the Central Bank’s main operation rate at 27.25%, 28.25%, and 27.75%, respectively. It also decided to keep the credit and discount rates at 27.75. %.
