{"id":596345,"date":"2019-08-26T04:00:09","date_gmt":"2019-08-26T04:00:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/26\/interest-rate-cut-could-save-egypts-coffers-egp-15-in-debt-service\/"},"modified":"2019-08-26T04:00:09","modified_gmt":"2019-08-26T04:00:09","slug":"interest-rate-cut-could-save-egypts-coffers-egp-15-in-debt-service","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/26\/interest-rate-cut-could-save-egypts-coffers-egp-15-in-debt-service\/","title":{"rendered":"Interest rate cut could save Egypt\u2019s coffers EGP 15 in debt service"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>Last week\u2019s interest rate cut could save Egypt\u2019s coffers EGP 15 bn in debt service:<\/b> The Finance Ministry could spend EGP 10-15 bn less on interest it owes to investors during 2Q FY2019\/2020 after the Central Bank of Egypt (CBE) last week <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/25\/central-bank-of-egypt-cuts-interest-rates-for-the-first-time-since-february\/\">cut benchmark rates by 150 bps<\/a>, unnamed government sources <a href=\"https:\/\/alborsaanews.com\/2019\/08\/25\/1237350\">tell the local press<\/a>. The FY2019-2020 state budget forecast debt service payments to rise to EGP 569.1 bn this fiscal year compared to EGP 541 bn in FY2018-2019.<\/p>\n<p><b>T-bill yields fall in first post-rate cut auction:<\/b> Average yields on 3-month treasury bills dropped to 16.443% in an auction yesterday, down from 17.904% last week, CBE data showed. Yields on 9-month bills also dropped to 16.378% from 17.834% last week. Mahmoud Naglah, executive director of money markets and fixed income at Al Ahly Financial Investments Management, <a href=\"https:\/\/alborsaanews.com\/2019\/08\/25\/1237737\">told the local press<\/a> that he expects yields on 6-month and 1-year t-bills to fall 50 bps at the next auction. This would put them at around 17.077% and 16.699 respectively, maintaining Egypt\u2019s position as one of the most attractive carry trades in the world.<\/p>\n<p><b>A step in the right direction for business:<\/b> The rate cut will have a \u201cpositive albeit slight\u201d effect on the country\u2019s exports, Food Export Council head <a href=\"https:\/\/almalnews.com\/%D8%A7%D9%84%D9%85%D8%AC%D8%A7%D9%84%D8%B3-%D8%A7%D9%84%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B7%D8%A7%D9%84%D8%A8-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%89\/\">Hani Berzi tells Al Mal<\/a>, adding that exporters are hoping the central bank will cut rates more aggressively over the next few months to encourage investments and capex spending. Talaat Moustafa Group Chairman Hisham Talaat Moustafa also tells <a href=\"https:\/\/ara.reuters.com\/article\/businessNews\/idARAKCN1VF06H\">Reuters\u2019 Arabic service<\/a> that the resumption of easing will be a boon for the real estate sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week\u2019s interest rate cut could save Egypt\u2019s coffers EGP 15 bn in debt service: The Finance Ministry could spend EGP 10-15 bn less on interest it owes to investors during 2Q FY2019\/2020 after the Central Bank of Egypt (CBE) last week cut benchmark rates by 150 bps, unnamed government sources tell the local press. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":596346,"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":[271,72,349,724,2380,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-enterpriseam","tag-interest-rates","tag-monetary-policy","tag-speed-round","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"81d3ea40-e544-49be-9fab-276d7189436f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[596340],"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>Interest rate cut could save Egypt\u2019s coffers EGP 15 in debt service - 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\/26\/interest-rate-cut-could-save-egypts-coffers-egp-15-in-debt-service\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest rate cut could save Egypt\u2019s coffers EGP 15 in debt service\" \/>\n<meta property=\"og:description\" content=\"Last week\u2019s interest rate cut could save Egypt\u2019s coffers EGP 15 bn in debt service: The Finance Ministry could spend EGP 10-15 bn less on interest it owes to investors during 2Q FY2019\/2020 after the Central Bank of Egypt (CBE) last week cut benchmark rates by 150 bps, unnamed government sources tell the local press. 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The bills carry an average yield of 3.587%, falling slightly from 3.87% in the last similar auction in June, which saw Egypt\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":595782,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/demand-on-egypts-shorter-term-t-bills-is-showing-signs-of-waning\/","url_meta":{"origin":596345,"position":1},"title":"Demand on Egypt\u2019s shorter term T-bills is showing signs of waning","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"Government sells fewer 3-month T-bills than targeted \u2014 is this a sign of a trend? The government sold EGP 5.2 bn of 3-month T-bills in a Sunday auction out of EGP 9.25 bn targeted, CBE data shows. Average yields for the 3-month notes came at 17.899% \u2014 a marginal increase\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":594541,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/01\/t-bill-yields-fall-in-first-post-rate-cut-auction\/","url_meta":{"origin":596345,"position":2},"title":"T-bill yields fall in first post-rate cut auction","author":"enterpriseam admin","date":"1 September 2019","format":false,"excerpt":"T-bill yields fall in first post-rate cut auction: Average yields on 6-month and 1-year government T-bills fell to 16.521% and 16.263%, respectively, in the first auction since the Central Bank of Egypt cut interest rates by 150 bps earlier this month, CBE data showed. That compares to yields of 16.9%\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":593103,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/t-bill-yields-fall-slightly-in-first-auction-after-rate-cut\/","url_meta":{"origin":596345,"position":3},"title":"T-bill yields fall slightly in first auction after rate cut","author":"enterpriseam admin","date":"18 November 2019","format":false,"excerpt":"T-bill yields fall slightly in first auction after rate cut: Yields on three-month and nine-month treasury bills fell yesterday in the first auction after the Central Bank of Egypt (CBE) cut benchmark interest rates by 100 bps. Official data yesterday showed that an auction of three-month t-bills fetched a yield\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":570050,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/cbe-makes-biggest-rate-cut-on-record-to-protect-economy-from-covid-19-outbreak\/","url_meta":{"origin":596345,"position":4},"title":"CBE makes biggest rate cut on record to protect economy from covid-19 outbreak","author":"enterpriseam admin","date":"17 March 2020","format":false,"excerpt":"The CBE has made its biggest rate cut on record, saying the move is to protect economy from covid-19 outbreak: The Central Bank of Egypt (CBE) slashed interest rates by 300 bps during an emergency meeting yesterday, it announced yesterday evening in a statement (pdf). The central bank\u2019s Monetary Policy\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\/3\/197.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601049,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/yields-plunge-at-government-t-bills-auction\/","url_meta":{"origin":596345,"position":5},"title":"Yields plunge at government T-bills auction","author":"enterpriseam admin","date":"18 February 2019","format":false,"excerpt":"Yields plunge at government t-bill auction: Average yields on three-month and nine-month t-bills fell at the Central Bank\u2019s auction yesterday to 17.453% and 17.686%, respectively, from 18.202% and 18.543% at the last auction, central bank data shows. That said: The central bank sold only EGP 102.95 mn worth of three-month\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596345","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=596345"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596345\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596346"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596345"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596345"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}