{"id":548742,"date":"2022-08-21T04:00:46","date_gmt":"2022-08-21T04:00:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/cbe-holds-rates-steady-following-amer-resignation\/"},"modified":"2022-08-21T04:00:46","modified_gmt":"2022-08-21T04:00:46","slug":"cbe-holds-rates-steady-following-amer-resignation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/cbe-holds-rates-steady-following-amer-resignation\/","title":{"rendered":"CBE holds rates steady following Amer resignation"},"content":{"rendered":"

<\/a> The Central Bank of Egypt (CBE) left interest rates on hold on <\/strong>Thursd<\/strong>ay<\/strong>, hours after Hassan Abdalla was appointed governor following Tarek Amer\u2019s surprise<\/a><\/a>resignation<\/a> on Wednesday. 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%, it said in a statement<\/a>(pdf)<\/a>.<\/p>\n

Analysts had expected the central bank to raise rates:<\/strong> Analysts surveyed by Enterpris<\/a>e<\/a> and Reuters<\/a> expected the central bank to hike rates in response to rising inflation, which hit a fresh three-year high<\/a> of 13.6% in July. Some market watchers changed their forecast<\/a> following Amer\u2019s resignation while others expected the central bank to press ahead.<\/p>\n

The CBE didn\u2019t stray from its recent messaging on inflation:<\/strong> \u201cThe [Monetary Policy Committee] decided that keeping policy rates unchanged remains consistent with achieving price stability over the medium term,\u201d the CBE said in the statement. It reiterated that inflation above its target of 7% (\u00b1 2%) by the end of the year \u201cwill be temporarily tolerated.\u201d<\/p>\n

A good thing for our public finances:<\/strong> \u201cThe rush to raise interest rates increases the cost to the economy, especially to public finances, which are already facing huge pressure,\u201d said Esraa Ahmed, economist at Al Ahly Pharos. What\u2019s more, raising interest rates is unlikely to bring foreign investors back to Egypt due to the rising returns on USD-denominated assets abroad and the current risks surrounding the EGP, she added.<\/p>\n

Even as global pressures refuse to abate:<\/strong> The MPC reiterated its view that inflation is being imported into the local market as a result of global macroeconomic pressures resulting from the war in Ukraine and a tighter monetary environment. It also for the first time cited \u201cincreased geopolitical risk in South-East Asia\u201d as one reason for the global slowdown, in an apparent reference to the recent flare-up in US-China tensions.<\/p>\n

One good sign: Global commodities prices are on the decline<\/strong> after peaking in the wake of Russia\u2019s invasion of Ukraine, the CBE said. Global food prices have fallen for four consecutive months and were helped last month with the breakthrough agreement between Ukraine and Russia to resume Ukrainian grain exports via the Black Sea. Oil prices have also fallen significantly and are now at pre-Ukraine war lows and edging towards USD 90 a barrel.<\/p>\n

As focus shifts to the EGP, inflation may be allowed to go higher still:<\/strong> Abdalla\u2019s appointment has added fuel to speculation that the EGP will need to slide more against the greenback to manage growing external imbalances and attract foreign capital back to the country \u2014 which would lead to a further rise in inflation. Prime Securities\u2019 head of Research Amr El Alfy is among those calling for the new governor to give up tight control of the EGP and instead allow the currency to float against the greenback, suggesting that imported inflation is transitory and will likely fall back into single digits next year<\/strong>. A further hike in fuel prices<\/a> could also put further upwards pressure on prices.<\/p>\n

This is the second consecutive meeting during which the bank decided to leave rates unchanged. <\/strong>The MPC has hiked rates by 300 bps<\/a> since March, but chose to leave them unchanged<\/a> during its latest meeting in June, after inflation in May came in below expectations. The MPC said it will continue to assess the effects of its earlier hikes as it decides whether to resume its tightening cycle at its next meeting.<\/p>\n

The E<\/strong>GX respon<\/strong>ded positively to the MPC\u2019s decision a<\/strong>nd Abdalla\u2019s appointment:<\/strong> The benchmark EGX 30 closed Thursday up 0.35%, after rising 2.2% the day before following the announcement of Amer\u2019s departure.<\/p>\n

The CBE will next meet to discuss rates on 22 September<\/strong>.<\/p>\n

The news got attention internationally: <\/strong>Reuters<\/a> | Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Egypt (CBE) left interest rates on hold on Thursday, hours after Hassan Abdalla was appointed governor following Tarek Amer\u2019s surpriseresignation on Wednesday. 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%, it said in a statement(pdf). 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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%, it said in a statement(pdf). 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The Monetary Policy Committee left overnight deposit and lending 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\/2021\/10\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612490,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/cbe-holds-interest-rates-steady-for-third-consecutive-meeting\/","url_meta":{"origin":548742,"position":3},"title":"CBE holds interest rates steady for third consecutive meeting","author":"enterpriseam admin","date":"24 December 2023","format":false,"excerpt":"The central bank expects a further decline in growth during the current fiscal year followed by a gradual recovery","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\/2023\/12\/1521.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":548742,"position":4},"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":642633,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/20\/cbe-leaves-interest-rates-on-hold-2\/","url_meta":{"origin":548742,"position":5},"title":"CBE leaves interest rates on hold","author":"enterpriseam admin","date":"20 August 2017","format":false,"excerpt":"The central bank\u2019s Monetary Policy Committee left interest rates on Thursday. The overnight deposit rate was held steady at 18.75% while the overnight lending rate was kept the same at 19.75%. Annual urban headline inflation rate increased to 33% in July on account of numerous subsidy cuts and a slight\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548742","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=548742"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548742\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548736"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548743"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548742"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548742"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}