Egypt's central bank maintains key interest rates

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Egypt's central bank maintains key interest rates

STORY: Egypt's central bank maintains key interest rates DATELINE: Sept. 23, 2022 LENGTH: 00:00:56 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the Central Bank of Egypt 2. various of cash counting 3. various of a supermarket 4. shot of people withdrawing money from ATMs STORYLINE: Contradicting all expectations, the Central Bank of Egypt (CBE) maintained on Thursday key interest rates for the third time since the initial hike following the start of the Russia-Ukraine conflict in late February. The CBE kept the overnight deposit rate, overnight lending rate and the rate of the main operation unchanged at 11.25 percent, 12.25 percent, and 11.75 percent, respectively. The discount rate was also kept unchanged at 11.75 percent. On the other hand, the CBE raised the required reserve ratio to 18 percent, up from 14 percent. Globally, the CBE said forecasts for global economic activity have been dampened due to the impacts of the conflict between Russia and Ukraine. It added the global financia

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