{"id":561004,"date":"2021-03-22T03:57:14","date_gmt":"2021-03-22T03:57:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/cbe-rate-hold-reflects-egypts-manageable-inflation-strong-portfolio-flows\/"},"modified":"2021-03-22T03:57:14","modified_gmt":"2021-03-22T03:57:14","slug":"cbe-rate-hold-reflects-egypts-manageable-inflation-strong-portfolio-flows","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/cbe-rate-hold-reflects-egypts-manageable-inflation-strong-portfolio-flows\/","title":{"rendered":"CBE rate hold reflects Egypt\u2019s \u201cmanageable\u201d inflation + strong portfolio flows"},"content":{"rendered":"

<\/a> The <\/strong>CBE\u2019s<\/strong> decision<\/a><\/strong> to leave interest rates on hold this past Thursday reflects Egypt\u2019s <\/strong>\u201cmanageable\u201d inflation rate and strong portfolio inflows<\/strong>, Jefferies International MENA Analyst Alia Moubayed told Bloomberg TV (watch, runtime: 07:02<\/a>).<\/p>\n

Egypt keeping its monetary easing cycle on pause is consistent with achieving the target inflation rate of 7% (\u00b12)<\/strong> by the end of next year, the CBE said in its Thursday statement. With core inflation at 3.6% and urban inflation at 4.5% in February<\/a>, Moubayed believes that \u201cas long as we are in this range of inflation, I think the central bank can afford to remain where it is now.\u201d<\/p>\n

But high rates could keep Egypt\u2019s growth muted in the long term<\/strong>, says Moubayed. \u201cThe tension moving forward is really about ensuring that this level of rate does not obstruct the growth recovery which Egypt needs the most, while ensuring that flows are sustainable,\u201d she said.<\/p>\n

Maintaining sustainable inflows is essential for Egypt\u2019s external financing bill<\/strong>, with needs for this year reaching USD 30 bn, Moubayad said. Foreign holdings in local Egyptian debt hit itshighest-ever level of USD 28.5 bn<\/a> in February, reversing the huge outflows seen at the height of the global covid market crash last year, which saw foreign investors sell 60% of their holdings<\/a> between March and May.<\/p>\n

Thursday\u2019s rate hold had been expected by all <\/strong>12 analysts we surveyed<\/a><\/strong> ahead of the meeting, who cited the possible impact of heightened commodity prices on domestic inflation, as well as the potential for rising bond yields in the US to hit our all-important carry trade.<\/p>\n","protected":false},"excerpt":{"rendered":"

The CBE\u2019s decision to leave interest rates on hold this past Thursday reflects Egypt\u2019s \u201cmanageable\u201d inflation rate and strong portfolio inflows, Jefferies International MENA Analyst Alia Moubayed told Bloomberg TV (watch, runtime: 07:02). Egypt keeping its monetary easing cycle on pause is consistent with achieving the target inflation rate of 7% (\u00b12) by the end […]<\/p>\n","protected":false},"author":1,"featured_media":561005,"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":[104,72,182],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"82fa6b65-8297-4075-9221-e58318629d49","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/269.jpg","photo_position":"above","related_issue":[560997],"teaser":"","voice_url":""},"yoast_head":"\nCBE rate hold reflects Egypt\u2019s \u201cmanageable\u201d inflation + strong portfolio flows - 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\/2021\/03\/22\/cbe-rate-hold-reflects-egypts-manageable-inflation-strong-portfolio-flows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE rate hold reflects Egypt\u2019s \u201cmanageable\u201d inflation + strong portfolio flows\" \/>\n<meta property=\"og:description\" content=\"The CBE\u2019s decision to leave interest rates on hold this past Thursday reflects Egypt\u2019s \u201cmanageable\u201d inflation rate and strong portfolio inflows, Jefferies International MENA Analyst Alia Moubayed told Bloomberg TV (watch, runtime: 07:02). 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The Monetary Policy Committee (MPC) said in a statement (pdf) following the meeting that\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\/5\/18.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574709,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/20\/enterprise-poll-central-bank-of-egypt-to-leave-rates-on-hold-in-september-2020\/","url_meta":{"origin":561004,"position":1},"title":"Enterprise poll: Central Bank of Egypt to leave rates on hold in September 2020","author":"enterpriseam admin","date":"20 September 2020","format":false,"excerpt":"ENTERPRISE POLL- CBE expected to leave rates on hold when it meets this Thursday: The Central Bank of Egypt (CBE) will likely keep interest rates unchanged when its Monetary Policy Committee (MPC) meets this Thursday, according to an Enterprise poll. All 11 economists and analysts surveyed expect the MPC to\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\/9\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556550,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/egypt-leaves-rates-on-hold-as-cbe-eyes-fed-taper-inflation\/","url_meta":{"origin":561004,"position":2},"title":"Egypt leaves rates on hold as CBE eyes Fed taper, inflation,","author":"enterpriseam admin","date":"31 October 2021","format":false,"excerpt":"The Central Bank of Egypt (CBE) left interest rates on hold for an eighth consecutive meeting on Thursday amid rising global inflation and expectations the US Federal Reserve will start tapering its stimulus program by the end of the year. 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":600793,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/january-inflation-inches-up-economists-expect-rates-to-remain-steady-on-thursday\/","url_meta":{"origin":561004,"position":3},"title":"January inflation inches up, economists expect rates to remain steady on Thursday","author":"enterpriseam admin","date":"11 February 2019","format":false,"excerpt":"Expect the CBE to leave interest rates on hold this Thursday after inflation rises slightly in January: Egypt\u2019s annual headline urban inflation rate increased slightly to 12.7% in January compared to 12% the previous month, according to a central bank statement (pdf) out yesterday. Monthly inflation also rose to 0.4%\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":[]},{"id":605176,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/egypts-central-bank-to-hold-rates-on-thursday-amid-tamed-inflation\/","url_meta":{"origin":561004,"position":4},"title":"Egypt\u2019s central bank to hold rates on Thursday amid tamed inflation","author":"enterpriseam admin","date":"24 December 2018","format":false,"excerpt":"EXCLUSIVE- Enterprise poll of economists sees CBE leaving interest rates unchanged on Thursday: The central bank will likely keep its key interest rates on hold when its monetary policy committee meets on Thursday, an Enterprise poll of 10 economists found. Citing a recent drop in inflation, the economists and analysts\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":[]},{"id":558374,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/cbe-leaves-interest-rates-on-hold-for-sixth-consecutive-meeting\/","url_meta":{"origin":561004,"position":5},"title":"CBE leaves interest rates on hold for sixth consecutive meeting","author":"enterpriseam admin","date":"8 August 2021","format":false,"excerpt":"The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left interest rates unchanged for a sixth consecutive meeting on Thursday as policymakers look to preempt rising inflation and maintain Egypt\u2019s high real interest rate. Overnight deposit and lending rates were kept unchanged at 8.25% and 9.25%, respectively, while the main\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\/8\/110.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\/561004","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=561004"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561004\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561005"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561004"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561004"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}