Egypt Maintains Interest Rates Steady in First 2024 Stabilization Move

Egypt’s interest rate has stabilized for the first time in 2024, standing at 27.75% following two consecutive hikes. Inflation decreased to 28.1% in May, down from 32.5% in April.

The Central Bank credits this achievement to its monetary tightening strategy, which has curbed inflation and steadied exchange rates.

The bank anticipates a further decline in inflation throughout 2024 as inflationary forces ease, with a notable decrease projected for the first half of 2025. The elevated inflation seen in the previous year was largely a result of rapid growth in the money supply.