{"id":543516,"date":"2022-02-06T04:00:24","date_gmt":"2022-02-06T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/cbe-leaves-rates-unchanged-in-first-meeting-of-2022\/"},"modified":"2022-02-06T04:00:24","modified_gmt":"2022-02-06T04:00:24","slug":"cbe-leaves-rates-unchanged-in-first-meeting-of-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/cbe-leaves-rates-unchanged-in-first-meeting-of-2022\/","title":{"rendered":"CBE leaves rates unchanged in first meeting of 2022"},"content":{"rendered":"

<\/a> The Central Bank of Egypt (CBE) left interest rates on hold for the tenth <\/strong>consecutive meeting on Thursday<\/strong>. The CBE left the overnight deposit rate at 8.25% and the lending rate at 9.25%, while the main operation and discount rates are still at 8.75%, it said in a statement (pdf)<\/a> following the meeting.<\/p>\n

The decision was in line with analyst expectations.<\/strong> All eight analysts and economists we polled last week<\/a> expected the Monetary Policy Committee (MPC) to keep rates unchanged, telling us that the EGP carry trade is unlikely to face immediate pressure from the US Federal Reserve\u2019s plan to raise rates this week.<\/p>\n

Keeping rates unchanged was expected for many reasons<\/strong>, Al Ahly Pharos\u2019 Radwa El Swaify told us. \u201cWe have to look cautiously at what is happening on the monetary policy front globally, especially in the US, as well as the expected rise in inflation due to the surge in global commodity prices,\u201d she said. \u201cAdditionally, investors exiting from fixed income portfolios has been common among all emerging markets, and it\u2019s related to EM strategy, not specific to Egypt. Meanwhile, locally, inflation is within the CBE\u2019s range so there was no reason whatsoever to change the rates.\u201d<\/p>\n

Egypt continues to offer the highest real interest rates in the world, <\/strong>maintaining the attractiveness of our debt market to foreign investors. \u201cWe believe Egyptian treasuries will remain attractive, underpinned by EGP stability and maintained real interest rates,\u201d Beltone Financial\u2019s Alia Mamdouh wrote in a note following the CBE\u2019s decision. \u201cAmong emerging markets with comparable yields, Egypt still stands out with a relatively less impacted economy from the repercussions of the covid-19 pandemic as it provides growth potential.\u201d Egypt\u2019s real return is currently around 4%, according to HC Securities\u2019 Monette Doss, which compares favorably to rates in the US and other high-interest rate emerging markets.<\/p>\n

Inflation is not a concern:<\/strong> The CBE expects price stability over the medium term, it said in its statement. Urban inflation rose to 5.9% in December<\/a> from 5.6% in November, kicking off an expected upward trend in the coming months, largely due to an unfavorable base effect along with a global increase in consumer prices. However, the annual rate is expected to remain within the central bank\u2019s target range of 7% (\u00b12%) by 4Q2022.<\/p>\n

Yet\u2026<\/strong> Beltone expects inflation to average 9.6% through 2022, slightly above the CBE\u2019s target range, due to the base effect and higher international commodity prices.<\/p>\n

Expectations for a rate hike in 2022 are increasing:<\/strong> Some analysts are now expecting that the CBE will follow other central banks around the world and raise rates some time this year. Al Ahly Pharos\u2019 is forecasting rates to rise 100 bps this year, \u201cdepending on the pressures from global monetary conditions, commodity prices, and inflation in general,\u201d El Swaify told us. Beltone Financial also expects a 100bps hike through the year: \u201cThe need to maintain [the] lucrative carry trade in the fixed-income market, particularly with the rise in global rates posing a risk to inflows into emerging markets, backs our view,\u201d Mamdouh wrote.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Egypt (CBE) left interest rates on hold for the tenth consecutive meeting on Thursday. The CBE left the overnight deposit rate at 8.25% and the lending rate at 9.25%, while the main operation and discount rates are still at 8.75%, it said in a statement (pdf) following the meeting. The decision […]<\/p>\n","protected":false},"author":1,"featured_media":543517,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[813,812,271,104,72,811,182,349,724],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-al-ahly-pharos","tag-beltone-financial","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-hc-securities","tag-inflation","tag-interest-rates","tag-monetary-policy","wpautop","entry"],"acf":{"mongo_id":"d2842659-e6ac-47ab-ba44-3132fd174c2a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/60.jpg","photo_position":"above","related_issue":[543512],"teaser":"","voice_url":""},"yoast_head":"\nCBE leaves rates unchanged in first meeting of 2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/cbe-leaves-rates-unchanged-in-first-meeting-of-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE leaves rates unchanged in first meeting of 2022\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Egypt (CBE) left interest rates on hold for the tenth consecutive meeting on Thursday. The CBE left the overnight deposit rate at 8.25% and the lending rate at 9.25%, while the main operation and discount rates are still at 8.75%, it said in a statement (pdf) following the meeting. 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The CBE left the overnight deposit rate at 11.25%, the overnight lending rate at 12.25%, and the main operation and disc. rates at 11.75%,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/330.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591084,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/cbe-to-keep-rates-unchanged-on-thursday-poll-2\/","url_meta":{"origin":543516,"position":2},"title":"CBE to keep rates unchanged on Thursday -poll","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"All seven analysts expect policymakers to hold rates for a third consecutive meeting","rel":"","context":"In "POLL"","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/908.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571553,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/","url_meta":{"origin":543516,"position":3},"title":"Central Bank of Egypt leaves rates unchanged in May","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"CBE decides to keep a bullet in its chamber, leaving rates on hold at MPC meeting: The Central Bank of Egypt\u2019s (CBE) Monetary Policy Committee (MPC) left interest rates on hold for the second consecutive month when it met on Thursday, the central bank said in a statement(pdf). The bank\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/169.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567288,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/19\/against-analyst-expectations-central-bank-of-egypt-keeps-rates-on-hold\/","url_meta":{"origin":543516,"position":4},"title":"Against analyst expectations, Central Bank of Egypt keeps rates on hold","author":"enterpriseam admin","date":"19 January 2020","format":false,"excerpt":"CBE leaves rates on hold: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left interest rates unchanged when it met on Thursday, the CBE said in a statement (pdf). The central bank cited domestic factors such as inflation accelerating in December on the back of the dissipating favorable base\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/632.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549623,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/cbe-kind-of-bucks-the-global-tightening-trend-by-leaving-rates-unchanged\/","url_meta":{"origin":543516,"position":5},"title":"CBE (kind of) bucks the global tightening trend by leaving rates unchanged","author":"enterpriseam admin","date":"25 September 2022","format":false,"excerpt":"CBE reaches for another tool in the toolbox: The Central Bank of Egypt (CBE) left interest rates unchanged on Thursday, a move that went against market expectations. The Monetary Policy Committee (MPC) left the deposit rate at 11.25%, the lending rate at 12.25%, and the main operation and disc. rates\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/364.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543516"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543516\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543517"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543516"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543516"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}