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Egypt’s central bank kept its overnight interest rates unchanged on Thursday, holding the deposit rate at 19% and the lending rate at 20%. The decision reflected its view of current and expected inflation conditions as regional and global pressures remained elevated.
The move came as Egypt’s real GDP growth moderated to 5% in the first quarter of 2026, down from 5.3% in the fourth quarter of 2025. The central bank said it expects growth to slow further in the second quarter because of the ongoing regional conflict.
The decision matched market expectations after a Reuters poll on Monday predicted no change to overnight rates. Investors had been watching closely as inflation risks persisted because of the U.S.-Israeli war on Iran.
Egypt’s annual urban consumer price inflation slowed unexpectedly to 14.9% in April from 15.2% in March. Even so, the rate remains far above the central bank’s 5% to 9% target for the final quarter of 2026.
Core inflation, which strips out volatile items such as food and fuel, also eased to 13.8% in April from 14% in March. That suggests price pressures are still cooling only gradually, leaving policymakers cautious about easing too soon.
