{"id":566415,"date":"2021-06-17T13:48:18","date_gmt":"2021-06-17T13:48:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/17\/interest-rate-day-amid-swings-in-commodities-prices\/"},"modified":"2021-06-17T13:48:18","modified_gmt":"2021-06-17T13:48:18","slug":"interest-rate-day-amid-swings-in-commodities-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/17\/interest-rate-day-amid-swings-in-commodities-prices\/","title":{"rendered":"Interest rate day amid swings in commodities prices"},"content":{"rendered":"

<\/a> Some good news on the global commodities boom as the CBE decides interest rates:<\/strong> As the central bank\u2019s Monetary Policy Committee gets ready to announce its decision on interest rates later today, inflation in the time of a commodities boom continues to be the overarching theme in the domestic and foreign press. Keeping things interesting is news of fresh supplies of wheat hitting global markets and the possibility of oil prices finally tapering off from record highs.<\/p>\n

More economists see no rate cut in Egypt as skyrocketing commodities hit home: <\/strong>All but a single economist out of 10 polled by Bloomberg<\/a> are calling another hold on interest rates, as the commodities price boom hits everything from food to energy to key materials<\/sup>. Our <\/strong>own interest rate poll<\/a><\/strong> was unanimous that the CBE will hold on moving interest rates.<\/p>\n

Where do interest rates currently stand:<\/strong> The overnight deposit rate is at 8.25% and the lending rate 9.25%, while the main operation and discount rates are at 8.75%.<\/p>\n

Concerns are particularly high when it comes to food as we\u2019re likely in the midst of an all-time high year for food prices<\/strong>, with droughts in South America tightening the supply of grains including corn and sugar, Bloomberg\u2019s Mirette Magdy notes. The shortfall, in turn, raises the cost of livestock breeding. The cost of staple imports is also set to rise 17% to USD 1.72 tn, primarily due to soaring grain, vegetable oils and oil seeds prices, the UN\u2019s Food and Agriculture Organization<\/a>said in a report last week<\/a>.<\/p>\n

Egypt\u2019s domestic inflation hit its highest point all year in May,<\/strong> driven by the spike in food and beverage costs. The annual headline rate accelerated to 4.8% in May<\/a>, after having unexpectedly slowed to 4.1% in April<\/a> and held steady at 4.5% in March<\/a> from February<\/a>.<\/p>\n

Some good news on that front maybe? <\/strong>Farmers from the US to Russia are getting ready for a good Northern Hemisphere harvest amid spring rains in the Black Sea, the US plains, and the EU, fueling expectations for a looming surge in supply, according to Bloomberg<\/a>. As the world\u2019s largest wheat importer, this certainly helps us.<\/p>\n

MORE GOOD NEWS- Are oil prices finally tapering off? <\/strong>The US Federal Reserve\u2019s announcement this week that it could move to hike interest rates twice in 2023 nudged crude prices lower<\/a> this morning as it propped up the USD and cooled down inflation expectations. A stronger USD and weaker inflation expectations usually dim investor appetite in crude oil, Saxo Bank\u2019s Ole Hansen told Bloomberg<\/a>.<\/p>\n

Still, crude prices remain near record highs and the market is showing signs of strength as the pandemic abates<\/strong>, notes the business information service. Expensive freight rates, as oil has rallied strongly this year, have prompted state grain buyer GASC to amend the terms of international tenders to allow traders that aren\u2019t registered with the Egyptian Company for Maritime Transport to submit shipping offers, according to a document seen by Reuters this week<\/a>.<\/p>\n

Look for an announcement late this afternoon on <\/strong>the CBE\u2019s homepage<\/a><\/strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Some good news on the global commodities boom as the CBE decides interest rates: As the central bank\u2019s Monetary Policy Committee gets ready to announce its decision on interest rates later today, inflation in the time of a commodities boom continues to be the overarching theme in the domestic and foreign press. Keeping things interesting […]<\/p>\n","protected":false},"author":1,"featured_media":566416,"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":[10034],"tags":[271,317,104,611,633,564,182,724,239],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-economy","tag-central-bank-of-egypt","tag-commodities","tag-economy","tag-enterprise-poll","tag-enterprisepm","tag-food","tag-inflation","tag-monetary-policy","tag-supply-chain","wpautop","entry"],"acf":{"mongo_id":"882be639-c60c-4633-9fc2-fbbbde4480c5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/526.jpg","photo_position":"above","related_issue":[566411],"teaser":"","voice_url":""},"yoast_head":"\nInterest rate day amid swings in commodities prices - 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\/06\/17\/interest-rate-day-amid-swings-in-commodities-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest rate day amid swings in commodities prices\" \/>\n<meta property=\"og:description\" content=\"Some good news on the global commodities boom as the CBE decides interest rates: As the central bank\u2019s Monetary Policy Committee gets ready to announce its decision on interest rates later today, inflation in the time of a commodities boom continues to be the overarching theme in the domestic and foreign press. 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Annual headline rate accelerated to 4.8% in May from 4.1% in April, while the overall rate in urban and rural areas (pdf) rose to 4.9% last month from 4.4% a\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/459.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566708,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/08\/monthly-prices-in-urban-egypt-hold-steady-keeping-inflation-in-check\/","url_meta":{"origin":566415,"position":2},"title":"Monthly prices in urban Egypt hold steady, keeping inflation in check","author":"enterpriseam admin","date":"8 July 2021","format":false,"excerpt":"Annual urban inflation inched up slightly in June, at a pace slower than everyone had expected, thanks to a favorable base effect and a slowdown in the growth of monthly food prices. Figures released today by state statistics bureau Capmas showed the headline rate accelerated to 4.9% at the end\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565871,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/inflation-slows-unexpectedly-in-april\/","url_meta":{"origin":566415,"position":3},"title":"Inflation slows unexpectedly in April","author":"enterpriseam admin","date":"10 May 2021","format":false,"excerpt":"Annual urban headline inflation slowed in April against expectations, shrugging off rising global commodity prices thanks to a favorable base effect that offset a rise in monthly prices. Figures released today by state statistics bureau Capmas showed urban inflation fell to 4.1% in April from 4.5% in March, while the\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563119,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/20\/cbe-holds-interest-rates-for-fifth-consecutive-meeting\/","url_meta":{"origin":566415,"position":4},"title":"CBE holds interest rates for fifth consecutive meeting","author":"enterpriseam admin","date":"20 June 2021","format":false,"excerpt":"The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left interest rates unchanged for a fifth consecutive meeting on Thursday as it looks to preempt a possible rise in inflation on the back of spiraling global commodity prices. Overnight deposit and lending rates remain at 8.25% and 9.25% respectively, while\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\/6\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562943,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/enterprise-poll-cbe-to-leave-rates-on-hold-at-upcoming-meeting-2\/","url_meta":{"origin":566415,"position":5},"title":"ENTERPRISE POLL- CBE to leave rates on hold at upcoming meeting","author":"enterpriseam admin","date":"13 June 2021","format":false,"excerpt":"ENTERPRISE POLL- The CBE expected to leave rates on hold: The Central Bank of Egypt (CBE) will likely leave interest rates on hold when its Monetary Policy Committee meets on Thursday, according to an Enterprise poll. All 11 analysts and economists we surveyed expect the central bank to stick to\u2026","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\/2021\/6\/165.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\/566415","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=566415"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/566415\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/566411"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/566416"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=566415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=566415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=566415"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=566415"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=566415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}