Egypt central bank held its key overnight deposit rate at an over five-year high of 18.25%, in line with expectations. This decision followed a 200 bps increase in March. The bank stated it is continuing to assess the impact of cumulative policy rate hikes of 1000 bps since March 2022 and the 400 bps increase in the required reserve ratio from September 2022. Inflation eased for the first time in ten months in April, dropping to 30.6% after peaking at nearly a six-year high of 32.7% in March. Regarding economic activity, the bank noted a 3.9% YoY expansion in Q4 2022, slightly lower than the 4.4% growth in Q3 2022.