{"id":589289,"date":"2023-06-25T00:00:00","date_gmt":"2023-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/central-bank-of-egypt-leaves-interest-rates-unchanged\/"},"modified":"2023-06-25T00:00:00","modified_gmt":"2023-06-25T00:00:00","slug":"central-bank-of-egypt-leaves-interest-rates-unchanged","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/central-bank-of-egypt-leaves-interest-rates-unchanged\/","title":{"rendered":"Central Bank of Egypt leaves interest rates unchanged"},"content":{"rendered":"

<\/span>The Central Bank of Egypt (CBE) kept interest rates unchanged on Thursday<\/span>as <\/span>global inflationary pressures begin to ease, it said in a <\/span>statement (pdf)<\/a><\/span> following its policy meeting. The Monetary Policy Committee (MPC) left the deposit rate at 18.25%, the lending rate at 19.25%, and the main operation and disc. rates at 18.75%. <\/span><\/p>\n

The rationale:<\/span> The CBE said it would maintain interest rates as it continues to assess the cumulative impact of previously enacted tightening policies. The central bank has <\/span>hiked rates by 1k bps<\/a><\/span> since March 2022 but left them unchanged during its latest monetary policy meeting in May. It also increased banks\u2019 reserve ratio requirements by <\/span>400 bps<\/a><\/span> in September.<\/span><\/p>\n

This was expected:<\/span>Seven of<\/a><\/span>nine<\/a><\/span>analysts<\/a><\/span> in our poll predicted the decision, explaining that it would give the CBE time to assess the situation and hold off any moves that may increase the cost of public debt. <\/span>Seven of ten analysts in a <\/span>CNBC Arabia<\/a><\/span> poll and a<\/span>ll 17 analysts in a <\/span>Reuters<\/a><\/span> poll also saw policymakers holding rates steady.<\/span><\/p>\n

Inflation is still running hot:<\/span> Annual urban inflation rose to <\/span>32.7% y-o-y in May<\/a><\/span> from <\/span>30.6% the month before<\/a><\/span>. The May reading marks a return to the near <\/span>record high inflation<\/a><\/span> recorded in March before price hikes briefly cooled in April. Inflation is now once again at its highest since July 2017, when it hit an all-time high of nearly 33%. The central bank is still targeting a 7% (\u00b12) rate of inflation by 4Q 2024 and 5% (\u00b12) by 4Q 2026, the statement said. <\/span><\/p>\n

Rates may stay on hold as long<\/span> as the FX rate remains stable: <\/span>Some of the analysts we <\/span>spoke to ahead of the CBE decision told us that the central bank would likely only move to raise rates in tandem with another devaluation of the EGP \u2014 which many have now ruled out in the short term. Banking expert Mohamed Abdel Aal is among those who say that the FX rate currently has a bigger impact on inflation than interest rates, while central bank governor Hassan Abdalla recently noted that policy moves other than rate hikes <\/span>may be needed<\/a><\/span> to bring inflation back in line. <\/span><\/p>\n

The MPC\u2019s n<\/span>ext meeting to decide its rate policy is <\/span>scheduled<\/a><\/span> for Thursday, 3 August. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The CBE is adopting a wait-and-see approach while previous rate hikes take effect<\/p>\n","protected":false},"author":1,"featured_media":589290,"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":[271,104,72,349],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"fa77becf-ada3-4cb1-9583-6f2744f3266e","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1218.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central Bank of Egypt holds interest rates steady","related_issue":[589284],"teaser":"The CBE is adopting a wait-and-see approach while previous rate hikes take effect","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.77f3d7ea-b2af-49a8-af0d-be0f4fe41d67.mp3"},"yoast_head":"\nCentral Bank of Egypt leaves interest rates unchanged - 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\/2023\/06\/25\/central-bank-of-egypt-leaves-interest-rates-unchanged\/\" \/>\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 interest rates unchanged\" \/>\n<meta property=\"og:description\" content=\"The CBE is adopting a wait-and-see approach while previous rate hikes take effect\" \/>\n<meta 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/828.jpg?fit=%2C&ssl=1&resize=350%2C200","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":589289,"position":2},"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":628980,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/cbe-keeps-interest-rates-on-hold-at-thursday-meeting\/","url_meta":{"origin":589289,"position":3},"title":"CBE keeps interest rates on hold at Thursday meeting","author":"enterpriseam admin","date":"20 May 2018","format":false,"excerpt":"The Central Bank of Egypt left key interest rates unchanged when it met on Thursday, according to a CBE statement (pdf). Overnight deposit and lending rates remain at 16.75% and 17.75%, respectively, with the discount rate also unchanged at 17.25%. The MPC said it still sees Egypt hitting its inflation\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\/2018\/5\/2126.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612490,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/cbe-holds-interest-rates-steady-for-third-consecutive-meeting\/","url_meta":{"origin":589289,"position":4},"title":"CBE holds interest rates steady for third consecutive meeting","author":"enterpriseam admin","date":"24 December 2023","format":false,"excerpt":"The central bank expects a further decline in growth during the current fiscal year followed by a gradual recovery","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\/2023\/12\/1521.jpg?fit=%2C&ssl=1&resize=350%2C200","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":589289,"position":5},"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. 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