{"id":596299,"date":"2019-08-25T04:00:07","date_gmt":"2019-08-25T04:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/central-bank-of-egypt-cuts-interest-rates-for-the-first-time-since-february\/"},"modified":"2019-08-25T04:00:07","modified_gmt":"2019-08-25T04:00:07","slug":"central-bank-of-egypt-cuts-interest-rates-for-the-first-time-since-february","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/central-bank-of-egypt-cuts-interest-rates-for-the-first-time-since-february\/","title":{"rendered":"Central Bank of Egypt cuts interest rates for the first time since February"},"content":{"rendered":"

<\/a> CBE cuts interest rates for the first time since February: <\/b>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)<\/a>. The central bank cited last month\u2019s \u201crelatively tame\u201d inflation figures, declining unemployment rates, and increasing GDP growth in Egypt. Reuters<\/a>, Bloomberg<\/a>, and Xinhua<\/a> all had the story.<\/p>\n

Where do rates stand this morning?<\/b> The CBE\u2019s overnight deposit and lending rates now stand at 14.25% and 15.25%, respectively. The main operation and discount rates were also cut to 14.75%.<\/p>\n

This is in line with expectations, albeit a bit more aggressive than anticipated:<\/b> Around three-quarters<\/a> of economists we polled last week expected the central bank to push ahead with a 100 bps rate cut. Bloomberg<\/a> and Reuters\u2019<\/a> polls also had similar results, with only three of the 13 economists surveyed by Reuters and one of the 12 polled by Bloomberg accurately predicting a 150 bps cut. \u201cIt is a bit surprising in terms of magnitude, but looking at where headline inflation is, there was sizeable room to cut,\u201d Ahmed Hafez, head of MENA research at Renaissance Capital, told Enterprise.<\/p>\n

Easing cycles across emerging markets \u201cprobably made the MPC feel more comfortable\u201d about pushing ahead with a rate cut<\/b>, London-based research consultancy Capital Economics said in a note. \u201cIt\u2019s notable that previous interest rate cuts in the current cycle \u2014 in early 2018 and early this year \u2014 came at a time when EM central banks had generally shifted towards loosening policy.\u201d<\/p>\n

The bigger-than-expected cut \u201cwill revive investment sentiment across the board,\u201d<\/b> Beltone Financial said in a note on Friday. According to Beltone, local investors in particular will be welcoming of the monetary easing, but fully unlocking CAPEX lending potential is contingent on another 200 bps rate cut. 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

Reducing pressure on the public purse:<\/b> \u201cThe biggest beneficiary of taking this action is the public treasury,\u201d chairman of the Egyptian Businessmen\u2019s Association Ali Eisa said<\/a>, noting that the government saves around EGP 60 bn each year for every 100 bps cut.<\/p>\n

Is this the start of a steady easing cycle? It depends on inflation: <\/b>\u201cThe path for future policy rates remains a function of inflation expectations, rather than of prevailing inflation rates. Accordingly, the pace and magnitude of future policy rates adjustment will continue to be subject to confirmation that inflation expectations are anchored at target levels that are consistent with disinflation and price stability over the medium term,\u201d the CBE\u2019s statement reads. Hafez anticipates that inflation could rise back to around 12% by the end of the year, and forecasts another 100 bps cut in the final quarter.<\/p>\n

\u2026 And global conditions:<\/b> \u201cThe MPC\u2019s decision to conduct another cut this year will depend more on external factors, especially the US Federal Reserve\u2019s decision to ease monetary policy further, as the inflation outlook is expected to remain favorable, thanks to the end of fiscal consolidation measures,\u201d said Mona Bedeir, senior economist at Prime Securities.<\/p>\n

Where will rates stand at the end of 2019 and 2020?<\/b> Capital Economics now expects the overnight deposit rate to stand at 13.00% at the end of 2019 and 10.75% at the end of next year, while Beltone Financial sees room for another 100 bps cut over the next four months. The CBE\u2019s MPC could cut rates by 300 bps in 2020, Beltone and Prime\u2019s Mona Bedeir said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 growth in Egypt. Reuters, Bloomberg, […]<\/p>\n","protected":false},"author":1,"featured_media":596300,"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-596299","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":"1ca4423f-384d-475b-95d9-a56c0abf8124","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/8\/2941.jpg","photo_position":"above","related_issue":[596294],"teaser":"","voice_url":""},"yoast_head":"\nCentral Bank of Egypt cuts interest rates for the first time since February - 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\/08\/25\/central-bank-of-egypt-cuts-interest-rates-for-the-first-time-since-february\/\" \/>\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 for the first time since February\" \/>\n<meta property=\"og:description\" content=\"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). 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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":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":596299,"position":1},"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 "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":598209,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/enterprise-poll-central-bank-of-egypt-to-maintain-rates-despite-drop-in-april-inflation\/","url_meta":{"origin":596299,"position":2},"title":"Enterprise poll: Central Bank of Egypt to maintain rates despite drop in April inflation","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"SURVEY- CBE to leave key interest rates on hold this Thursday: The Central Bank of Egypt (CBE) will likely leave key interest rates on hold when its Monetary Policy Committee meets this Thursday, according to all 12 economists polled by Enterprise. Respondents cited the likely impact on inflation of upcoming\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":570452,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/01\/enterprise-poll-cbe-to-leave-rates-on-hold-in-april-meeting\/","url_meta":{"origin":596299,"position":3},"title":"Enterprise Poll: CBE to leave rates on hold in April meeting","author":"enterpriseam admin","date":"1 April 2020","format":false,"excerpt":"ENTERPRISE POLL- CBE to leave rates on hold tomorrow: The Central Bank of Egypt is likely to leave interest rates on hold when its Monetary Policy Committee meets tomorrow, according to a poll of analysts conducted by Enterprise. Ten of 11 analysts polled expect the bank to leave interest rates\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\/4\/4.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":596299,"position":4},"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":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":596299,"position":5},"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 "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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596299","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=596299"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596299\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596300"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596299"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596299"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}