The Central Bank of Egypt’s Monetary Policy Committee left its overnight deposit rate at 19.0 %, lending rate at 20.0 %, main operation rate at 19.5 % and discount rate at 19.5 % on 2 April 2026, citing a renewed upswing in inflation and a more uncertain global and regional backdrop even as domestic growth momentum eases. The pause follows February’s 100 bp cut that brought the deposit rate to its present level. No changes were made to the corridor or other liquidity settings, preserving what the Committee calls an appropriately tight stance and a “positive real interest margin.” Headline inflation re-accelerated to 13.4 % y/y in February from 11.9 % in January, while core inflation rose to 12.7 %, against a downwardly revised real-GDP growth forecast of 4.9 % for FY 2025/26 after output slowed to around 4.8–5.0 % in Q1 2026 from 5.3 % in Q4 2025. The Committee noted that exchange-rate depreciation is acting as a key shock absorber in the face of higher global energy and food prices and related external pressures. It warned that the regional conflict, energy shocks and risk-off global sentiment have tilted risks to the upside for achieving the 7 % ± 2 pp inflation target in Q4 2026 and pledged to remain data-driven and ready to adjust policy to safeguard price stability.
Central Bank of Egypt 2026-04-02
CBE keeps rates unchanged: Deposit 19.0%, Lending 20.0%, Main Operation 19.5%, Discount 19.5% (2 Apr 2026)
The Central Bank of Egypt kept its overnight deposit rate at 19.0% and lending rate at 20.0% on 2 Apr 2026, pausing after February’s 100 bp cut amid a rebound in headline inflation to 13.4% y/y and heightened external risks. It judged the stance tight enough to preserve a positive real margin and reiterated readiness to act to meet the 7% ± 2 pp Q4 2026 inflation target.