{"id":595490,"date":"2019-09-29T04:18:05","date_gmt":"2019-09-29T04:18:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/central-bank-of-egypt-cuts-rates-by-100-bps-in-line-with-expectations\/"},"modified":"2019-09-29T04:18:05","modified_gmt":"2019-09-29T04:18:05","slug":"central-bank-of-egypt-cuts-rates-by-100-bps-in-line-with-expectations","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/central-bank-of-egypt-cuts-rates-by-100-bps-in-line-with-expectations\/","title":{"rendered":"Central Bank of Egypt cuts rates by 100 bps, in line with expectations"},"content":{"rendered":"

<\/a> In line with expectations, CBE cuts rates:<\/b> 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)<\/a>. The central bank cited last month\u2019s inflation figures, which hit a six-year low, as well as declining unemployment and rising real GDP growth. Accelerating monetary easing on a global level amid slowing economic activity also factored into the MPC\u2019s decision.<\/p>\n

Where do rates stand this morning?<\/b> The CBE\u2019s overnight deposit and lending rates now stand at 13.25% and 14.25%, respectively. The main operation and discount rates is now 13.75%. Look for banks to respond today: National Bank of Egypt and Banque Misr have kept rates on fixed-rate certificates of deposit on hold, according to Al Shorouk<\/a>.<\/p>\n

The \u201cbroadly\u201d expected cut will be a boon for the economy<\/b>, Naeem Brokerage\u2019s Allen Sandeep said, according to Reuters<\/a>. Seven of the eight economists surveyed in our Enterprise poll<\/a> ahead of the meeting had anticipated a 50-150 bps rate cut. Reuters and Bloomberg surveys also predicted rate cuts.<\/p>\n

We\u2019re approaching the interest rate range that could unlock corporate borrowing for capex:<\/b> Our survey of nine companies across several industries earlier this year<\/a> found that businesses are waiting for interest rates to fall within pre-float levels of 10-13% before ramping up capex borrowing.<\/p>\n

<\/a><\/p>\n

Could the CBE have afforded a more aggressive cut?<\/b> The central bank had room \u201cto cut rates in a big way\u201d despite last week\u2019s sell-off on the EGX that was triggered by a bout of demonstrations during the previous weekend, Bloomberg\u2019s Paul Wallace said<\/a> ahead of the MPC meeting on Thursday. Wallace expected a 150 bps cut to be doable without affecting the EGP or triggering outflows. \u201cIt could have been more but I\u2019m glad the MPC cut rates,\u201d Angus Blair, chairman of economic think tank Signet said, according to Reuters<\/a>.<\/p>\n

Expect further rate cuts if inflation continues to cool. <\/b>\u201cIncoming data continued to confirm the moderation of underlying inflationary pressures\u201d and further cuts will be contingent on \u201cconfirmation that inflation expectations are anchored at target levels,\u201d the CBE said in its statement. The central bank has set an inflation target of 9% (\u00b13%) by 4Q2020. The current expectation among analysts is for inflation to continue cooling <\/b>heading into the end of the year, setting up another rate cut when the MPC next meets on 14 November<\/a>.<\/p>\n

Our carry trade is still a favorite:<\/b> Even with two consecutive rate cuts, Egypt\u2019s real yields remain high, meaning our carry trade \u201cremains attractive,\u201d EFG Hermes\u2019 Mohamed Abu Basha told Bloomberg<\/a>. The central bank can continue to exploit the attractiveness of our real yields as \u201cthe global hunt for yields is far from over,\u201d Wallace said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 rising real GDP growth. Accelerating […]<\/p>\n","protected":false},"author":1,"featured_media":595491,"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":[271,72,182,349,724,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-enterpriseam","tag-inflation","tag-interest-rates","tag-monetary-policy","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"785966f3-4750-484d-b6ed-3127264e9e60","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[595485],"teaser":"","voice_url":""},"yoast_head":"\nCentral Bank of Egypt cuts rates by 100 bps, in line with expectations - 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\/29\/central-bank-of-egypt-cuts-rates-by-100-bps-in-line-with-expectations\/\" \/>\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 rates by 100 bps, in line with expectations\" \/>\n<meta property=\"og:description\" content=\"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). 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The central bank cited domestic factors such as inflation accelerating in December on the back of the dissipating favorable base\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\/1\/632.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":595490,"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 "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\/2019\/8\/2941.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593045,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/","url_meta":{"origin":595490,"position":2},"title":"Central Bank of Egypt cuts interest rates by 100 bps","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"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\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\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574907,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/against-expectations-central-bank-of-egypt-cuts-interest-rates-by-50-bps\/","url_meta":{"origin":595490,"position":3},"title":"Against expectations, Central Bank of Egypt cuts interest rates by 50 bps","author":"enterpriseam admin","date":"27 September 2020","format":false,"excerpt":"Central Bank of Egypt surprises with first rate cut since March: The Central Bank of Egypt (CBE) cut interest rates by 50 bps on Thursday \u2014 the first since the emergency 300 bps rate cut in March, the central bank said in a statement (pdf). The move was a surprise\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\/9\/278.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":595490,"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 "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\/2019\/12\/CBE-1600px.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":595490,"position":5},"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 "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\/595490","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=595490"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595490\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595491"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595490"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595490"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}