{"id":573712,"date":"2020-08-16T04:05:10","date_gmt":"2020-08-16T04:05:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/16\/in-line-with-consensus-central-bank-of-egypt-leaves-rates-on-hold-in-august-meeting\/"},"modified":"2020-08-16T04:05:10","modified_gmt":"2020-08-16T04:05:10","slug":"in-line-with-consensus-central-bank-of-egypt-leaves-rates-on-hold-in-august-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/16\/in-line-with-consensus-central-bank-of-egypt-leaves-rates-on-hold-in-august-meeting\/","title":{"rendered":"In line with consensus, Central Bank of Egypt leaves rates on hold in August meeting"},"content":{"rendered":"

<\/a> CBE leaves rates on hold, in line with expectations: <\/strong>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)<\/a>. \u201cWith the ongoing high level of uncertainty, and given the preemptive measures taken by the CBE, including the reduction of 300 bps during the unscheduled Monetary Policy Committee meeting on 16 March 2020, the MPC decided to keep key policy rates unchanged\u201d despite inflation remaining below its target range, it said.<\/p>\n

Where do rates stand?<\/strong> The CBE\u2019s overnight deposit rate is at 9.25% and the lending rate is at 10.25%. The main operation and discount rates are both at 9.75%.<\/p>\n

This is great news for the carry trade<\/strong> as it means Egypt still has the highest rates (when adjusted for inflation) of the more than 50 major economies tracked by Bloomberg<\/a>.<\/p>\n

This was in line with analysts and economists surveyed in <\/strong>our poll<\/a><\/strong> ahead of the meeting:<\/strong> Nine of 10 respondents forecast the central bank to leave rates on hold, citing the need to maintain portfolio flows into EGP-denominated bonds and contain inflation.<\/p>\n

The CBE doesn\u2019t want to put pressure on foreign inflows:<\/strong> Egypt saw significant capital outflows in March through May 2020 as covid-19 sparked a selloff in emerging markets, but foreign investors began returning in June<\/a> in search of yield after the government secured financing from the IMF and global policy stimulus stabilized markets. Foreign holdings of local treasury bills and bonds climbed to around USD 14 bn by the end of July, from USD 10.6 bn a month earlier, Bloomberg<\/a> notes. \u201cWhile inflows have resumed back into the local Egyptian market in recent weeks, the international exogenous outlook remains uncertain,\u201d said Paul Greer, a money manager in London at Fidelity International. \u201cThe central bank focus will remain on keeping the currency stable and maintaining a healthy and positive real policy rate<\/strong>.\u201d<\/p>\n

Central bank unmoved by falling inflation:<\/strong> The CBE left rates on hold despite annual headline inflation falling to 4.2% in July<\/a>, which is below the bank\u2019s target range of 9% (+\/- 3%). Annual core inflation \u2014 which strips out volatile items such as food and fuel \u2014 fell to 0.7% last month from 1% in June.<\/p>\n

Covid\u2019s impact was a blow, but there have been recent signs of recovery:<\/strong> Preliminary figures show that the economy grew at a 3.8% clip during FY2019-2020 compared to 5.6% in the first half of the year, \u201creflecting the impact of the covid-19 outbreak and the accompanying containment measures,\u201d the bank said. On the plus side, \u201ca number of leading indicators started showing signs of recovery in June and July, in tandem with the easing of the containment measures,\u201d it said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 given the preemptive measures taken […]<\/p>\n","protected":false},"author":1,"featured_media":573713,"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":[2082,271,72,182,349,724,3330,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-carry-trade","tag-central-bank-of-egypt","tag-enterpriseam","tag-inflation","tag-interest-rates","tag-monetary-policy","tag-portfolio-investment","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"41f486c4-13d3-4238-91e8-68b36d3fc374","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/120.jpg","photo_position":"above","related_issue":[573707],"teaser":"","voice_url":""},"yoast_head":"\nIn line with consensus, Central Bank of Egypt leaves rates on hold in August meeting - 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Overnight deposit and lending rates remained unchanged at 18.75% and 19.75%, respectively, with the discount rate also steady at 19.25%. The move indicates \u201cthat further declines in inflation were\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":626421,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/02\/central-bank-leaves-key-interest-rates-unchanged\/","url_meta":{"origin":573712,"position":1},"title":"Central bank leaves key interest rates unchanged","author":"enterpriseam admin","date":"2 July 2018","format":false,"excerpt":"The central bank\u2019s Monetary Policy Committee left key interest rates unchanged at its Thursday meeting. The move was widely expected. The overnight deposit and lending rates remained unchanged at 16.75% and 17.75%, respectively, with the main operation rate also stable at 17.25%. The decision was \u201cconsistent with the targeted disinflation\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":621735,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/central-bank-of-egypt-leaves-interest-rates-unchanged-2\/","url_meta":{"origin":573712,"position":2},"title":"Central Bank of Egypt leaves interest rates unchanged","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"The central bank of Egypt (CBE) kept key interest rates on hold on Thursday, citing higher-than-expected headline inflation rates in September and October. 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 operation and discount\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":571553,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/","url_meta":{"origin":573712,"position":3},"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":648353,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/02\/central-bank-of-egypt-leaves-rates-on-hold\/","url_meta":{"origin":573712,"position":4},"title":"Central Bank of Egypt leaves rates on hold","author":"enterpriseam admin","date":"2 April 2017","format":false,"excerpt":"The focus on inflation came as the Central Bank of Egypt decided on Thursday to leave overnight deposit and lending rates unchanged at 14.75% and 15.75%, respectively. The CBE expects the annual inflation to ease as monthly inflation rates moderate, citing the deceleration of headline inflation in February to 2.6%,\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":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":573712,"position":5},"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 "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\/573712","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=573712"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573712\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/573713"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573712"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573712"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}