{"id":570522,"date":"2020-04-05T04:26:04","date_gmt":"2020-04-05T04:26:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/central-bank-of-egypt-leaves-rates-on-hold-in-first-meeting-after-record-cut\/"},"modified":"2020-04-05T04:26:04","modified_gmt":"2020-04-05T04:26:04","slug":"central-bank-of-egypt-leaves-rates-on-hold-in-first-meeting-after-record-cut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/central-bank-of-egypt-leaves-rates-on-hold-in-first-meeting-after-record-cut\/","title":{"rendered":"Central Bank of Egypt leaves rates on hold in first meeting after record cut"},"content":{"rendered":"

<\/a> CBE leaves rates on hold in first meeting after record cut:<\/strong> The Central Bank of Egypt left rates on hold on Thursday, less than three weeks after it made a dramatic 300 bps rate cut<\/a> to shore up the economy amid widespread disruption caused by the covid-19 pandemic. The central bank left the overnight deposit rate at 9.25% and the lending rate at 10.25%, while the main operation and discount rates remain at 9.75%, the bank said in a statement (pdf)<\/a>. <\/p>\n

This is what analysts had predicted:<\/strong> Ten of 11 analysts we surveyed<\/a> ahead of the meeting expected the central bank to hold off on further easing for the time being, citing uncertainty over the trajectory of inflation and a deterioration of the carry trade amid accelerating capital flight from emerging markets.<\/p>\n

What the CBE said:<\/strong> \u201cThe MPC decided that keeping key policy rates unchanged remains consistent with achieving the inflation target of 9% (+\/-3%) in 4Q2020 and price stability over the medium term,\u201d the bank said. Reuters<\/a> and Bloomberg<\/a> also had the story.<\/p>\n

The door is still open for further cuts:<\/strong> The CBE reiterated<\/a> that it \u201cwill not hesitate to utilize all available tools\u201d to support the economy.<\/p>\n

\u201cThe MPC\u2019s decision, which was in line with our expectations, came on the back of <\/strong>supportive inflation rate readings<\/strong> that allowed for an exceptional 300 bps rate cut,\u201d said Beltone\u2019s Alia Mamdouh. \u201cWe maintain our average inflation expectations of 6.5%, which should keep headline inflation rates within the CBE\u2019s target range.\u201d<\/p>\n

Inflation likely to tick up on covid and Ramadan spending: <\/strong>Mohamed Saad, equity analyst at Shuaa Securities, forecasts inflation to rise marginally to 5-7% over the coming months as consumers hoard goods and spend big for Ramadan. Expectations that the government will provide further relief to businesses and consumers by lowering fuel costs will help to keep prices within the CBE\u2019s target range, he said.<\/p>\n

Falling EGP will give the central bank more room for manoeuvre -Capital Economics: <\/strong>James Swanston, MENA economist at Capital Economics, warned that Egypt\u2019s current account deficit will begin to widen if the EGP maintains its current rate and urged the central bank to let the currency slide against the greenback. \u201cWe expect the central bank will loosen its grip on the EGP and, if this is done soon, there is unlikely to be a sharp fall in the currency and inflation should remain in check. This would allow interest rates to be cut further to support activity.\u201d<\/p>\n

Enter Sigma\u2019s Abou Bakr Imam with the counterpoint<\/strong>, who said that it is unlikely that the central bank is actively propping up the EGP, saying he thinks demand for hard currency has fallen as imports have slowed.<\/p>\n

The EGP remained steady at 15.68 against the greenback on Thursday.<\/strong> The currency has fallen only 21 piasters since its peak in late February, and has fluctuated between 15.68-15.69 for the past two weeks.<\/p>\n

Make a long-term policy prediction at your peril:<\/strong> Pharos\u2019 head of research Radwa El Swaify, who has the central bank maintaining rates through to the end of the year as a base case, said that it is becoming more difficult to predict how policymakers will act as the known unknowns continue to swirl. \u201cSo many changes can happen in nine months, especially with growth and inflation, you cannot judge it now. There are so many unknowns at this point,\u201d she said.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBE leaves rates on hold in first meeting after record cut: The Central Bank of Egypt left rates on hold on Thursday, less than three weeks after it made a dramatic 300 bps rate cut to shore up the economy amid widespread disruption caused by the covid-19 pandemic. The central bank left the overnight deposit […]<\/p>\n","protected":false},"author":1,"featured_media":570523,"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":[8572],"tags":[271,107,72,182,349,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-covid-19","tag-enterpriseam","tag-inflation","tag-interest-rates","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c85cd3ca-0f37-4939-b45f-222026e8ef7f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/28.jpg","photo_position":"above","related_issue":[570517],"teaser":"","voice_url":""},"yoast_head":"\nCentral Bank of Egypt leaves rates on hold in first meeting after record cut - 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\/2020\/04\/05\/central-bank-of-egypt-leaves-rates-on-hold-in-first-meeting-after-record-cut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank of Egypt leaves rates on hold in first meeting after record cut\" \/>\n<meta property=\"og:description\" content=\"CBE leaves rates on hold in first meeting after record cut: The Central Bank of Egypt left rates on hold on Thursday, less than three weeks after it made a dramatic 300 bps rate cut to shore up the economy amid widespread disruption caused by the covid-19 pandemic. 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This was in line with analysts and economists\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":576022,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/enterprise-poll-central-bank-to-leave-rates-on-hold-in-november-amid-covid-us-election-uncertainty\/","url_meta":{"origin":570522,"position":2},"title":"Enterprise Poll: Central bank to leave rates on hold in November amid covid, US election uncertainty","author":"enterpriseam admin","date":"8 November 2020","format":false,"excerpt":"ENTERPRISE POLL- Rates seen left on hold amid covid, US election uncertainty: The Central Bank of Egypt (CBE) will likely keep interest rates on hold when its Monetary Policy Committee (MPC) meets this Thursday, according to an Enterprise poll. Six of eight 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\/11\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573712,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/16\/in-line-with-consensus-central-bank-of-egypt-leaves-rates-on-hold-in-august-meeting\/","url_meta":{"origin":570522,"position":3},"title":"In line with consensus, Central Bank of Egypt leaves rates on hold in August meeting","author":"enterpriseam admin","date":"16 August 2020","format":false,"excerpt":"CBE leaves rates on hold, in line with expectations: The Central Bank of Egypt (CBE) left interest rates unchanged for the fourth consecutive meeting on Thursday, citing persistent global uncertainty caused by the covid-19 pandemic, the bank said in a statement (pdf). \u201cWith the ongoing high level of uncertainty, and\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\/8\/120.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569366,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/23\/cbe-leaves-rates-on-hold-for-second-consecutive-meeting\/","url_meta":{"origin":570522,"position":4},"title":"CBE leaves rates on hold for second consecutive meeting","author":"enterpriseam admin","date":"23 February 2020","format":false,"excerpt":"CBE leaves rates on hold for second consecutive meeting: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left interest rates unchanged at its meeting on Thursday, citing inflation and macro headwinds, according to an official statement (pdf). Uptick in inflation a key factor in the CBE\u2019s decision: The CBE\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\/2\/278.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":570522,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570522","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=570522"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570522\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570523"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570522"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570522"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}