{"id":578351,"date":"2022-12-26T04:08:16","date_gmt":"2022-12-26T04:08:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/ending-the-year-on-a-big-note\/"},"modified":"2022-12-26T04:08:16","modified_gmt":"2022-12-26T04:08:16","slug":"ending-the-year-on-a-big-note","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/ending-the-year-on-a-big-note\/","title":{"rendered":"Ending the year on a big note"},"content":{"rendered":"

<\/a> CBE drives home jumbo 300 bps rate hike:<\/strong> The Central Bank of Egypt raised interest rates by 300 bps on Thursday \u2014 its biggest rate hike since 2016, before floating the EGP \u2014 as it looks to clamp down on rising inflationary pressures. The Monetary Policy Committee (MPC) hiked the overnight deposit rate to 16.25%, the overnight lending rate to 17.25%, while the main operation and disc. rates were raised to 16.75%, it said in a statement (pdf)<\/a>.<\/p>\n

It\u2019s a bigger hike than expected: <\/strong>Analysts we surveyed<\/a> last week had penciled in a 200 bps rate hike. The CBE had raised rates<\/a> by 200 bps before October\u2019s devaluation \u2014 ahead of the IMF\u2019s USD 3 bn bailout. The latest bump follows 500 bps worth of rate hikes this year, bringing interest rates 800 bps above the beginning of the year.<\/p>\n

It all comes down to rising inflation: <\/strong>Inflation hit a five-year high of 18.7%<\/a> last month as the CBE\u2019s decision to float the EGP affected food and beverage prices. The MPC\u2019s statement judges higher inflation rates and a recent hike in demand side pressures as accelerating faster than the economy\u2019s capacity and fast growth of money supply. \u201cThe objective of raising policy rates is to anchor inflation expectations and contain demand side pressures, higher broad money growth and second round effects of supply shocks,\u201d the statement added. The MPC also cites the uncertain outlook for commodity prices, the looming global economic slowdown and the impacts of the Russia-Ukraine war on global supply chains as further risks for inflation.<\/p>\n

And the CBE has targets: <\/strong>The CBE is sticking with its current inflation target of 7% (\u00b1 2%) through to 4Q 2024, but wants to bring inflation down to 5% (\u00b1 2 percentage points) by 4Q 2026. The CBE is expecting 4Q 2022 to remain above the inflation target, the MPC said in the statement.<\/p>\n

But the jumbo hike could also signal a further devaluation, analysts say: <\/strong>\u201cI think Egypt will implement a further depreciation before 1 January,\u201d Reuters<\/a> quotes Arqaam Capital analyst Jaap Meijer as saying, adding that a \u201crate hike will make this easier now to ensure some capital inflows once the devaluation is implemented.\u201d Goldman Sachs\u2019 Farouk Soussa says a further devaluation will depend on the CBE\u2019s ability to build a liquidity buffer that can clear the backlog of FX, Bloomberg<\/a> reports. \u201cThe currency is still very fragile,\u201d Meijer said on Bloomberg TV<\/a>. \u201cThere\u2019s significant room for devaluation,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBE drives home jumbo 300 bps rate hike: The Central Bank of Egypt raised interest rates by 300 bps on Thursday \u2014 its biggest rate hike since 2016, before floating the EGP \u2014 as it looks to clamp down on rising inflationary pressures. The Monetary Policy Committee (MPC) hiked the overnight deposit rate to 16.25%, […]<\/p>\n","protected":false},"author":1,"featured_media":578352,"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":[271,838,104,72,2234,182,349],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-devaluation","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-inflation","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"b3b7b9a2-2fe4-419d-a713-f9655e5f5a22","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/513.jpg","photo_position":"above","related_issue":[578346],"teaser":"","voice_url":""},"yoast_head":"\nEnding the year on a big note - 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\/2022\/12\/26\/ending-the-year-on-a-big-note\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ending the year on a big note\" \/>\n<meta property=\"og:description\" content=\"CBE drives home jumbo 300 bps rate hike: The Central Bank of Egypt raised interest rates by 300 bps on Thursday \u2014 its biggest rate hike since 2016, before floating the EGP \u2014 as it looks to clamp down on rising inflationary pressures. 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