{"id":571553,"date":"2020-05-17T03:24:55","date_gmt":"2020-05-17T03:24:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/"},"modified":"2020-05-17T03:24:55","modified_gmt":"2020-05-17T03:24:55","slug":"central-bank-of-egypt-leaves-rates-unchanged-in-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/","title":{"rendered":"Central Bank of Egypt leaves rates unchanged in May"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>CBE decides to keep a bullet in its chamber, leaving rates on hold at MPC <\/strong><strong>meeting:<\/strong> 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 <a href=\"https:\/\/ent.news\/2020\/5\/MPC-Press-Release-14-May-2020-interest-rates.pdf\">said in a statement<\/a><a href=\"https:\/\/ent.news\/2020\/5\/MPC-Press-Release-14-May-2020-interest-rates.pdf\">(pdf)<\/a>. The bank had previously slashed rates by an unprecedented 300 bps in an emergency meeting on 16 March. <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2CW6I9\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-14\/egypt-s-10-billion-funding-gap-likely-to-stall-rate-cut-for-now?sref=mmeFTDW1\">Bloomberg<\/a> have the story.<\/p>\n<p><strong>Where rates stand:<\/strong> The MPC kept overnight deposit rates at 9.25%, the lending rate at 10.25%, and the main operation rate and discount rates at 9.75%<\/p>\n<p><strong>Inflation remains in check despite April uptick:<\/strong> While annual <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a53e67cb-ab77-417d-a85e-d21ff4469016\">inflation accelerated to 5.9%<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a53e67cb-ab77-417d-a85e-d21ff4469016\">in April<\/a> from 5.1% in March, the central bank said that \u201ckeeping key policy rates unchanged remains consistent with achieving the inflation target of 9% (+\/-3%) in 4Q2020 and price stability over the medium term.\u201d April inflation picked up due to an unfavorable base effect, along with price increases in food items on the back of the covid-19 pandemic and of Ramadan, it said.<\/p>\n<p><strong>The CBE will do what is necessary to \u201csupport the recovery of economic activity,\u201d <\/strong>it said, noting that the \u201cbroad improvement\u201d in the economy in the first two months of 2020 and the \u201cdiversity of the economy provide some cushion given the resilience of some sectors.\u201d<\/p>\n<p><strong>Analysts saw it coming:<\/strong> Ten out of 12 analysts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78bd44d3-3a0f-4c34-8ed4-f7c105135182\">told Enterprise ahead of the meeting<\/a> that the committee would stay put. <strong>The MPC will next meet on 25 June 2020.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 had previously slashed rates by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":571554,"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":[271,84,72,182,3694,5138,724,976,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-efg-hermes","tag-enterpriseam","tag-inflation","tag-mohamed-abu-basha","tag-mona-bedir","tag-monetary-policy","tag-prime-holding","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8ca512dc-dfa3-449b-abbb-a5d4d9a79d8b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/169.jpg","photo_position":"above","related_issue":[571548],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Central Bank of Egypt leaves rates unchanged in May - 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\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/\" \/>\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 unchanged in May\" \/>\n<meta property=\"og:description\" content=\"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 had previously slashed rates by [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-17T03:24:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/169.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Central Bank of Egypt leaves rates unchanged in May\",\"datePublished\":\"2020-05-17T03:24:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/\"},\"wordCount\":250,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/169.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"EFG Hermes\",\"EnterpriseAM\",\"inflation\",\"Mohamed Abu Basha\",\"Mona Bedir\",\"monetary policy\",\"Prime Holding\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/\",\"name\":\"Central Bank of Egypt leaves rates unchanged in May - 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January\u2019s record-high\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":602514,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/31\/against-expectations-central-bank-of-egypt-leaves-interest-rates-unchanged\/","url_meta":{"origin":571553,"position":1},"title":"Against expectations, Central Bank of Egypt leaves interest rates unchanged","author":"enterpriseam admin","date":"31 March 2019","format":false,"excerpt":"Central Bank of Egypt surprises as it leaves interest rates unchanged: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left key interest rates on hold last Thursday, going against expectations that it would cut rates by as much as 100 bps. The MPC left the overnight deposit and lending\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652131,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/02\/cbe-keeps-interest-rates-on-hold-allows-companies-to-repay-foreign-currency-debt-over-as-many-as-to-three-years\/","url_meta":{"origin":571553,"position":2},"title":"CBE keeps interest rates on hold, allows companies to repay foreign currency debt over as many as to three years","author":"enterpriseam admin","date":"2 January 2017","format":false,"excerpt":"CBE leaves interest rates unchanged, says it already moved preemptively: The central bank\u2019s Monetary Policy Committee (MPC) decided to keep interest rates unchanged during its last meeting of 2016, moving with market expectation. The overnight deposit rate remains at 14.75% and the overnight lending rate at 15.75%. The CBE had\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":599519,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/central-bank-of-egypt-leaves-interest-rates-unchanged-at-final-mpc-meeting-of-2018\/","url_meta":{"origin":571553,"position":3},"title":"Central Bank of Egypt leaves interest rates unchanged at final MPC meeting of 2018","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"The Central Bank of Egypt left key interest rates on hold last Thursday, citing global monetary policy tightening, trade wars and volatility in the oil market. The bank\u2019s monetary policy committee left the overnight deposit and lending rates at 16.75% and 17.75%, respectively, and also left on hold its main\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":633973,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/02\/cbe-keeps-rates-unchanged-in-its-last-meeting-of-2017\/","url_meta":{"origin":571553,"position":4},"title":"CBE keeps rates unchanged in its last meeting of 2017","author":"enterpriseam admin","date":"2 January 2018","format":false,"excerpt":"CBE keeps rates unchanged in its last meeting of 2017: The central bank\u2019s Monetary Policy Committee (MPC) kept the overnight deposit rate at 18.75%, the overnight lending rate at 19.75%, and the rate of its main operation and discount rate unchanged at 19.25% in its meeting last Thursday. Keeping the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":638250,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/01\/cbe-keeps-interest-rates-on-hold\/","url_meta":{"origin":571553,"position":5},"title":"CBE keeps interest rates on hold","author":"enterpriseam admin","date":"1 October 2017","format":false,"excerpt":"CBE leaves interest rates on hold: The central bank\u2019s Monetary Policy Committee left the country\u2019s key interest rates unchanged during its Thursday meeting. Rates remain at 18.75% for overnight deposits and 19.75% for overnight lending. The discount rate also remained unchanged at 19.25%, the CBE said in a statement. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/571553","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=571553"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571553\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571554"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571553"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571553"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}