Egypt

In its first meeting in 2023, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to maintain unchanged the current interest rates.

Egypt’s annual headline inflation rose from 15 percent in September to 16.2 percent in October to surpass the 15.7 percent mark registered in November 2018, the Central Agency for Public Mobilisation and Statistics (CAPMAS) announced on Thursday.

Fitch Ratings has revised the Outlook on Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the IDR at 'B+'.

In a statement released on Thursday morning, the CBE attributed its decision action to elevated global and domestic prices that are expected to keep headline inflation above the MPC’s preannounced target of seven percent (±2 percent) on average in through the fourth quarter of 2022.