Interest Rate in Egypt
Egypt - Interest Rate
Central Bank leaves interest rates unchanged in February
At its monetary policy meeting on 20 February, the Central Bank of Egypt (CBE) left all interest rates unchanged for the second consecutive meeting. The overnight deposit rate therefore remained at 12.25%. The decision had been expected by market analysts and came after the Central Bank cut rates by 3.5 percentage points in the second half of 2019.
The CBE appeared to leave rates unchanged in February to monitor the effects of previous monetary policy easing. Inflation inched up to 7.2% in January from 7.1% in December, and remained well within the Central Bank’s Q4 CY 2020 target range of 6.0% to 12.0%. However, the Central Bank pointed to several downside risks to both inflation and economic growth in the coming months, including the coronavirus outbreak and lower oil prices, which suggests another interest rate cut is under consideration.
The CBE’s next monetary policy meeting is set for 2 April.
Our panelists project the overnight deposit rate to end CY 2020 at 10.23% and CY 2021 at 9.82%.
Egypt - Interest Rate Data
|Policy Interest Rate (%)||9.25||9.25||14.75||18.75||16.75|
5 years of economic forecasts for more than 30 economic indicators.
Egypt Interest Rate Chart
Source: Central Bank of Egypt.
|Bond Yield||13.70||0.0 %||Dec 31|
|Exchange Rate||16.04||0.0 %||Jan 01|
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February 20, 2020
At its monetary policy meeting on 20 February, the Central Bank of Egypt (CBE) left all interest rates unchanged for the second consecutive meeting.
February 15, 2020
Consumer prices increased 0.7% in January from the previous month due to higher food and beverage prices, contrasting the 0.2% month-on-month decrease in December, according to a monthly inflation note released on 15 February.
February 5, 2020
Egypt’s Purchasing Managers’ Index (PMI), which measures business activity in the non-oil private sector, dropped to 46.0 in January from 48.2 in December, indicating a worse deterioration in business conditions in the sector over the previous month and the lowest reading in over two and a half years. Contributing to the downturn in January was the fastest contraction in output among Egyptian businesses in three years, which was largely due to a sharp fall in new orders, partly due to softer export demand for the fourth consecutive month.
January 16, 2020
The Central Bank of Egypt (CBE) held interest rates steady at its monetary policy meeting on 16 January, leaving the overnight deposit rate at 12.25%.
January 9, 2020
Consumer prices decreased 0.2% in December in month-on-month terms, after decreasing 0.3% in November.