{"id":593045,"date":"2019-11-17T04:00:02","date_gmt":"2019-11-17T04:00:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/"},"modified":"2019-11-17T04:00:02","modified_gmt":"2019-11-17T04:00:02","slug":"central-bank-of-egypt-cuts-interest-rates-by-100-bps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/","title":{"rendered":"Central Bank of Egypt cuts interest rates by 100 bps"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><strong> CBE cuts rates by 100 bps, in line with market expectations:<\/strong> The Central Bank of Egypt\u2019s Monetary Policy (MPC) cut interest rates by 100 bps on Thursday, the CBE <a href=\"https:\/\/ent.news\/2019\/11\/3074.pdf\">said in a statement (pdf)<\/a>. The central bank cited inflation\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/11\/egypts-annual-headline-inflation-cools-again-in-october-6065\/\">continued deceleration in October<\/a>, with annual headline inflation hitting its lowest since December 2005, as well as employment dipping in 2Q2019 and stabilizing real GDP growth. The MPC also factored in accelerated global monetary easing as a result of the weakening expansion of economic activity. This is the third consecutive rate cut in an easing cycle that has seen the central bank cut rates by 350 bps since August, and 450 bps over the course of the year.<\/p>\n<p><strong>The move was not a surprise to most:<\/strong> Five of the six economists surveyed in our <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/07\/cbe-to-make-third-consecutive-rate-cut-next-week\/\">Enterprise poll<\/a> ahead of the meeting had anticipated a 50-100 bps cut. Renaissance Capital was the only research house we surveyed that expected the CBE to keep rates on hold. Polls by Reuters and Bloomberg had similar results.<\/p>\n<p><strong>Where rates now stand:<\/strong> The CBE\u2019s overnight deposit rate now stands at 12.25% and its lending rate is at 13.25%. The main operation and discount rates are now 12.75%.<\/p>\n<p><strong>Analysts are divided on whether the MPC have afforded to be more aggressive in its penultimate meeting this year:<\/strong> Signet\u2019s Angus Blair <a href=\"https:\/\/www.reuters.com\/article\/egypt-cenbank\/update-2-egypts-central-bank-makes-third-straight-cut-to-interest-rates-idUSL8N27U7LU\">tells Reuters<\/a> he believes the CBE could have gotten away with a \u201cmore aggressive\u201d rate cut in light of Egypt\u2019s inflation cooling quickly, while Naeem Brokerage\u2019s Allen Sandeep tells the newswire he sees the 100 bps cut as more \u201cprudent\u201d and \u201csustainable.\u201d Blair <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/29\/central-bank-of-egypt-cuts-rates-by-100-bps-in-line-with-expectations-2\/\">had also been hoping for a deeper cut<\/a> at the MPC\u2019s last meeting in September.<\/p>\n<p class='web-image' ><a href='https:\/\/www.bloomberg.com\/news\/articles\/2019-11-14\/egypt-rate-cut-certain-but-size-in-question-decision-day-guide'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/1884.jpg?ssl=1\"><\/a><\/p>\n<p><strong>Is corporate borrowing for capex finally going to be unlocked?<\/strong> Our <a href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.press\/stories\/2019\/06\/13\/businesses-eager-for-interest-rates-to-return-to-pre-float-levels-to-boost-investment\/&sa=D&ust=1573919886272000&usg=AFQjCNHRr1kIFr_sQPI51GVQsxKrVfzsQQ\">survey of nine companies<\/a> across several industries earlier this year found that businesses are waiting for interest rates to fall within pre-float levels of 10-13% before ramping up capex borrowing. Lending rates are currently just 25 bps shy of the upper limit of that range. Rates dropping to almost where they were before Egypt\u2019s IMF-backed economic program will \u201cprovide support for a gradual recovery in private investments,\u201d EFG Hermes\u2019 <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-11-14\/egypt-rate-cut-certain-but-size-in-question-decision-day-guide\">Mohamed Abu Basha tells Bloomberg<\/a>. Beltone, meanwhile, sees a \u201cmoderate recovery\u201d in capex borrowing as private demand growth gradually picks up.<\/p>\n<p><strong>The CBE probably won\u2019t squeeze in one more rate cut when it meets again next month, Goldman Sachs said<\/strong> in a report, according to Bloomberg. The investment bank says it expects the CBE to resume its easing cycle next year \u201cbarring any material changes to inflation expectations.\u201d Prime Holding is also forecasting this will be the final cut of the year. The CBE will likely pause to see how the easing affects inflation and capital inflows into Egyptian debt before it moves forward with further cuts.<\/p>\n<p><strong>The carry trade isn\u2019t losing its luster just yet:<\/strong> Yields on Egyptian debt will remain attractive to investors even after last week\u2019s rate cut, particularly as the US Federal Reserve cut interest rates one week earlier, Pharos Holdings\u2019 head of research Radwa El Swaify tells Reuters. Swaify also cites the EGP\u2019s YTD strength against the greenback as another reason for foreign investments in fixed income to remain unaffected. At the same time, the rate cut will help to alleviate the burden of the government\u2019s debt service costs, Swaify says. \u201c<strong>With a global move toward easing, Egypt has leeway to cut while keeping its debt yields attractive<\/strong>,\u201d Bloomberg says. Egypt\u2019s steep inflation slowdown has kept our real interest rates among the most attractive in the world, outmatched only by Argentina, <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/13\/egypts-real-interest-rates-are-only-outmatched-by-argentina-thanks-to-our-steep-inflation-slowdown-6240\/\">Bloomberg said last week<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBE cuts rates by 100 bps, in line with market expectations: The Central Bank of Egypt\u2019s Monetary Policy (MPC) cut interest rates by 100 bps on Thursday, the CBE said in a statement (pdf). The central bank cited inflation\u2019s continued deceleration in October, with annual headline inflation hitting its lowest since December 2005, as well [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":593046,"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":[102,2082,271,7106,72,182,349,724,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-markets","tag-carry-trade","tag-central-bank-of-egypt","tag-debt","tag-enterpriseam","tag-inflation","tag-interest-rates","tag-monetary-policy","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a3fb0657-0df8-4815-a680-574382ff4c9a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[593040],"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 cuts interest rates by 100 bps - 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\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/\" \/>\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 cuts interest rates by 100 bps\" \/>\n<meta property=\"og:description\" content=\"CBE cuts rates by 100 bps, in line with market expectations: The Central Bank of Egypt\u2019s Monetary Policy (MPC) cut interest rates by 100 bps on Thursday, the CBE said in a statement (pdf). The central bank cited inflation\u2019s continued deceleration in October, with annual headline inflation hitting its lowest since December 2005, as well [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-17T04:00:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Central Bank of Egypt cuts interest rates by 100 bps\",\"datePublished\":\"2019-11-17T04:00:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/\"},\"wordCount\":613,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1\",\"keywords\":[\"capital markets\",\"carry trade\",\"Central Bank of Egypt\",\"debt\",\"EnterpriseAM\",\"inflation\",\"interest rates\",\"monetary policy\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/\",\"name\":\"Central Bank of Egypt cuts interest rates by 100 bps - 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The central bank cited inflation\u2019s continued deceleration in October, with annual headline inflation hitting its lowest since December 2005, as well [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2019-11-17T04:00:02+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Central Bank of Egypt cuts interest rates by 100 bps","datePublished":"2019-11-17T04:00:02+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/"},"wordCount":613,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1","keywords":["capital markets","carry trade","Central Bank of Egypt","debt","EnterpriseAM","inflation","interest rates","monetary policy","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/","url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/","name":"Central Bank of Egypt cuts interest rates by 100 bps - 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The data vendor arm of the ratings agency said that easing inflation and the two consecutive rate cuts in the US will encourage 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":596299,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/central-bank-of-egypt-cuts-interest-rates-for-the-first-time-since-february\/","url_meta":{"origin":593045,"position":1},"title":"Central Bank of Egypt cuts interest rates for the first time since February","author":"enterpriseam admin","date":"25 August 2019","format":false,"excerpt":"CBE cuts interest rates for the first time since February: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) cut interest rates by 150 bps on Thursday, the CBE said in a statement (pdf). The central bank cited last month\u2019s \u201crelatively tame\u201d inflation figures, declining unemployment rates, and increasing GDP\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\/2019\/8\/2941.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595490,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/central-bank-of-egypt-cuts-rates-by-100-bps-in-line-with-expectations\/","url_meta":{"origin":593045,"position":2},"title":"Central Bank of Egypt cuts rates by 100 bps, in line with expectations","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"In line with expectations, CBE cuts rates: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) cut interest rates by 100 bps on Thursday, the CBE said in a statement (pdf). The central bank cited last month\u2019s inflation figures, which hit a six-year low, as well as declining unemployment and\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":567288,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/19\/against-analyst-expectations-central-bank-of-egypt-keeps-rates-on-hold\/","url_meta":{"origin":593045,"position":3},"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 &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\/2020\/1\/632.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595265,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/22\/enterprise-poll-central-bank-of-egypt-could-cut-interest-rates-again-this-week\/","url_meta":{"origin":593045,"position":4},"title":"Enterprise Poll: Central Bank of Egypt could cut interest rates again this week","author":"enterpriseam admin","date":"22 September 2019","format":false,"excerpt":"SURVEY- The Central Bank of Egypt (CBE) could cut benchmark interest rates by 50-150 bps when its Monetary Policy Committee (MPC) meets this Thursday, according to seven of eight economists polled by Enterprise. The economists cited the unexpected inflation rate in August, which dropped to the lowest level in six-and-a-half\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":591925,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/enterprise-poll-central-bank-of-egypt-to-keep-rates-on-hold-in-final-meeting-of-2019\/","url_meta":{"origin":593045,"position":5},"title":"Enterprise poll: Central Bank of Egypt to keep rates on hold in final meeting of 2019","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"SURVEY- Economists expect CBE to keep rates on hold in final meeting of 2019: The Central Bank of Egypt (CBE) will leave interest rates on hold when its Monetary Policy Committee (MPC) meets this Thursday, according to seven of 10 economists polled by Enterprise. This is the lowest rate of\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\/2019\/12\/CBE-1600px.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\/593045","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=593045"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593045\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593046"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593045"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593045"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}