The Egyptian Central Bank has postponed its monetary policy meeting, which was scheduled for December 26th to January 16th.
The bank’s monetary policy committee has been modified from Thursday, December 26, 2019 to Thursday, January 16, 2020, after the formation of the board of directors for the new period has been approved and the formation of the monetary policy committee has been approved, the bank said in a statement on its website on Wednesday.
In November, Egyptian President Abdel-Fattah el-Sisi reappointed Tarek Amer, the central bank’s governor, for a second four-year term that ends in November 2023.
Amer was appointed governor of the Central Bank in 2015 amid a currency crisis in Egypt.
Amer played a key role in Egypt’s negotiations with the International Monetary Fund, which produced a 12 billion dollar loan agreement that included a sharp devaluation of the local currency (the pound), the introduction of value-added tax and the reduction of fuel subsidies.
The Egyptian Central Bank cut interest rates by 350 basis points in its past three meetings, after cutting by 100 basis points in February. The overnight lending interest rate is 13.25 percent and the deposit interest rate is 12.25 percent.
A Reuters poll indicated that the central bank was expected to keep key interest rates stable at the December 26 meeting that has now been announced postponed.