{"id":595265,"date":"2019-09-22T04:20:36","date_gmt":"2019-09-22T04:20:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/22\/enterprise-poll-central-bank-of-egypt-could-cut-interest-rates-again-this-week\/"},"modified":"2019-09-22T04:20:36","modified_gmt":"2019-09-22T04:20:36","slug":"enterprise-poll-central-bank-of-egypt-could-cut-interest-rates-again-this-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/22\/enterprise-poll-central-bank-of-egypt-could-cut-interest-rates-again-this-week\/","title":{"rendered":"Enterprise Poll: Central Bank of Egypt could cut interest rates again this week"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>SURVEY- The Central Bank of Egypt (CBE) could cut benchmark interest rates by 50-150 bps<\/b> when its Monetary Policy Committee (MPC) meets this Thursday, according to seven of eight economists polled by Enterprise. The economists cited the <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/11\/egypts-headline-inflation-falls-to-six-and-a-half-year-lows-in-august\/\">unexpected inflation rate in August<\/a>, which dropped to the lowest level in six-and-a-half years, as being the primary driver towards a cut. \u201cWe think the continued decline in inflation should allow for further cuts,\u201d said EFG Hermes Mohamed Abu Basha, who sees rates going down 50 bps. Pharos, Beltone, HC and Shuaa all see rates being cut by up to 100 bps, while CI Capital said that the MPC could go for an aggressive 150 bps cut.<\/p>\n<p><b>Egypt\u2019s annual headline inflation rate fell to 7.5% <\/b><a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/11\/egypts-headline-inflation-falls-to-six-and-a-half-year-lows-in-august\/\"><b>in August<\/b><\/a> from 8.7% in July, a low not seen since January 2013. Low readings in July and August came despite the government raising fuel prices between 16% and 30% in July and new electricity subsidy cuts coming into effect. In a note earlier this month, Capital Economics forecast a 50% cut to the overnight deposit rate, stating that recent inflation figures and global easing trends \u201cmeans that the MPC won\u2019t hesitate in lowering interest rates again at this month\u2019s meeting.\u201d<\/p>\n<p><b>The CBE <\/b><a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/25\/central-bank-of-egypt-cuts-interest-rates-for-the-first-time-since-february\/\"><b>last month<\/b><\/a><b> cut rates by 150 bps<\/b>, bringing the overnight deposit and lending rates to 14.25% and 15.25%, respectively. The main operation and deposit rates were both cut to 14.75%. It was the first time the bank had cut rates since February when the overnight deposit and lending rates were reduced by 100 bps.<\/p>\n<p><b>But the CBE could afford to wait before cutting again<\/b>, said Renaissance Capital\u2019s Ahmed Hafez, pointing to a potential hike in inflation in September amid rising global oil prices. \u201cI think inflation could negatively surprise in September (on a monthly basis). Perhaps 2.5-3% if press reports on vegetable supply shocks are true,\u201d Hafez said, adding that cutting rates during these shocks would not make sense. He noted, though, that the strengthening of the EGP could persuade the MPC to reduce rates in spite of this.<\/p>\n<p><b>Will treasury yields be affected?<\/b> Beltone\u2019s Alia Mamdouh, who predicts a 50-100 bps cut, sees Egyptian treasury yields remaining attractive thanks to a strong EGP and real interest rates in light of inflation decelerating. Mamdouh reminds us that domestic fuel prices will be subject to a review by the end of September, but expects them to remain unchanged.<\/p>\n<p><b>Beyond this week:<\/b> \u201cA favorable base effect and EGP strength will continue to advocate benign annual inflation readings till year-end, keeping inflation rates within the CBE\u2019s target zone of 9% (+\/-3%) by the end of 2020, particularly barring any expected price shocks,\u201d Mamdouh said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 years, as being the primary [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":595266,"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":[611,72,349,724,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterprise-poll","tag-enterpriseam","tag-interest-rates","tag-monetary-policy","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"49df45a9-b39c-40ac-b576-d5761fb210e8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[595260],"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>Enterprise Poll: Central Bank of Egypt could cut interest rates again this week - 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\/09\/22\/enterprise-poll-central-bank-of-egypt-could-cut-interest-rates-again-this-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise Poll: Central Bank of Egypt could cut interest rates again this week\" \/>\n<meta property=\"og:description\" content=\"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. 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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":596001,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/18\/enterprise-poll-cbe-could-cut-interest-rates-on-thursday\/","url_meta":{"origin":595265,"position":1},"title":"Enterprise Poll: CBE could cut interest rates on Thursday","author":"enterpriseam admin","date":"18 August 2019","format":false,"excerpt":"SURVEY- CBE could cut key interest rates this Thursday: The Central Bank of Egypt (CBE) could finally cut benchmark interest rates by between 50-100 bps when the Monetary Policy Committee (MPC) meets this Thursday, according to six out of eight economists polled by Enterprise. Easing inflation, coupled with the US\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":594183,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/fitch-forecasts-50-bps-rate-cut-in-november-mpc-meeting\/","url_meta":{"origin":595265,"position":2},"title":"Fitch forecasts 50 bps rate cut in November MPC meeting","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"Fitch Solutions expects the CBE to cut interest rates by 0.5% before the end of the year, and 1.5% in 2020, Masrawy said, citing a report. 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":576022,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/enterprise-poll-central-bank-to-leave-rates-on-hold-in-november-amid-covid-us-election-uncertainty\/","url_meta":{"origin":595265,"position":3},"title":"Enterprise Poll: Central bank to leave rates on hold in November amid covid, US election uncertainty","author":"enterpriseam admin","date":"8 November 2020","format":false,"excerpt":"ENTERPRISE POLL- Rates seen left on hold amid covid, US election uncertainty: The Central Bank of Egypt (CBE) will likely keep interest rates on hold when its Monetary Policy Committee (MPC) meets this Thursday, according to an Enterprise poll. Six of eight economists and analysts surveyed expect the MPC to\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\/11\/78.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":595265,"position":4},"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":[]},{"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":595265,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595265","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=595265"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595265\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595260"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595266"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595265"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595265"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}