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The Central Bank of Egypt kept its overnight deposit rate steady at 21% at its November 2025 meeting, pausing after four consecutive cuts to curb inflationary pressures, anchor expectations, and restore the disinflation path. Analysts had anticipated a 50 bps rate cut to 20.5%. Policymakers noted that annual headline inflation accelerated to 12.5% in October 2025 from 11.7% in September, and that core inflation rose to 12.1% from 11.3% in the previous month. Inflation is projected to inch up as the impact of energy price increases takes hold toward the end of Q4 2025, before gradually declining in H2 2026 toward the CBE target. The Committee also decided to keep the overnight lending rate at 22% and the discount rate unchanged at 21.5%.