{"id":596953,"date":"2019-07-14T04:15:39","date_gmt":"2019-07-14T04:15:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/cbe-plays-it-safe-and-leaves-rates-on-hold-in-july\/"},"modified":"2019-07-14T04:15:39","modified_gmt":"2019-07-14T04:15:39","slug":"cbe-plays-it-safe-and-leaves-rates-on-hold-in-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/cbe-plays-it-safe-and-leaves-rates-on-hold-in-july\/","title":{"rendered":"CBE plays it safe and leaves rates on hold in July"},"content":{"rendered":"

<\/a> CBE plays it safe and leaves rates on hold:<\/b> The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left key interest rates unchanged on Thursday, the CBE said in a statement (pdf)<\/a>. The MPC left the overnight deposit and lending rates at 15.75% and 16.75%, respectively, and kept the main operation and discount rates at 16.25%. Reuters<\/a> and Bloomberg<\/a> also picked up the story.<\/p>\n

This is what (almost) everyone expected:<\/b> Nine out of 10 economists we polled<\/a> at the start of last week predicted that the central bank would keep rates unchanged, citing the short-term inflationary effects of the removal of fuel<\/a> and electricity subsidies<\/a>. Expectations shifted<\/a> a little towards the end of the week, after fresh data showed that annual inflation fell by a stunning 5% in June to hit a three-year low of 9.4%. Pharos joined Naeem Holdings in predicting a 100bps rate cut, while four others thought that the inflation reading had increased the chances that the CBE would act sooner than expected.<\/p>\n

Surprise, surprise: It was all about the subsidies.<\/b> The CBE cited the recent subsidy cuts as being the key consideration in its decision. The government raised fuel prices by between 16% and 30% and electricity prices by an average 15%<\/a> when it removed subsidies earlier this month. \u201cSince these measures were anticipated, the MPC decided that keeping key policy rates unchanged at this juncture remains consistent with achieving the inflation target of 9% (+\/- 3% in 4Q2020,\u201d the statement reads.<\/p>\n

The global backdrop also played its part:<\/b> \u201cThe expansion of economic activity weakened \u2026 International oil prices remain subject to volatility due to geopolitical risks and potential supply-side factors,\u201d the CBE stated.<\/p>\n

What about those inflation figures?<\/b> The central bank said that the drop was \u201cstrongly supported by favorable base effects\u201d caused by the fuel price rises in June 2018, as well as a decline in food price volatility.<\/p>\n

When will the CBE act?<\/b> That all depends on how the subsidy cuts impact prices this month. Shuaa Securities\u2019 Esraa Ahmed told us last week that the CBE could make a cut as soon as next month \u2014 instead of November as previously forecast \u2014 should inflation only rise slightly in July. Other economists told us that they now believe cuts will come earlier than previously expected but preferred not to commit to a specific time.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBE plays it safe and leaves rates on hold: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left key interest rates unchanged on Thursday, the CBE said in a statement (pdf). The MPC left the overnight deposit and lending rates at 15.75% and 16.75%, respectively, and kept the main operation and discount rates at […]<\/p>\n","protected":false},"author":1,"featured_media":596954,"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":[271,104,72,819,182,349,724,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-fuel","tag-inflation","tag-interest-rates","tag-monetary-policy","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7c9d550d-f2b3-4ae8-b405-9c2cec1f0f73","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[596948],"teaser":"","voice_url":""},"yoast_head":"\nCBE plays it safe and leaves rates on hold in July - 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\/07\/14\/cbe-plays-it-safe-and-leaves-rates-on-hold-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE plays it safe and leaves rates on hold in July\" \/>\n<meta property=\"og:description\" content=\"CBE plays it safe and leaves rates on hold: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left key interest rates unchanged on Thursday, the CBE said in a statement (pdf). 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The bank\u2019s monetary policy committee left the overnight deposit and lending rates at 16.75% and 17.75%, respectively, and also left on hold its main operation and discount\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":[]},{"id":625173,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/30\/central-bank-leaves-interest-rates-unchanged\/","url_meta":{"origin":596953,"position":1},"title":"Central bank leaves interest rates unchanged","author":"enterpriseam admin","date":"30 September 2018","format":false,"excerpt":"The Central Bank of Egypt left key interest rates unchanged on Thursday, as was widely expected. The CBE\u2019s monetary policy committee left overnight deposit and lending rates on hold at 16.75% and 17.75%, respectively, while the main operation and discount rates were also maintained at 17.25%, the CBE said in\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":[]},{"id":637512,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/19\/as-expected-cbe-leaves-interest-rates-on-hold\/","url_meta":{"origin":596953,"position":2},"title":"As expected, CBE leaves interest rates on hold","author":"enterpriseam admin","date":"19 November 2017","format":false,"excerpt":"The Central Bank of Egypt\u2019s Monetary Policy Committee left interest rates on hold at its Thursday meeting, in line with expectations. Overnight deposit and lending rates remained unchanged at 18.75% and 19.75%, respectively, with the discount rate also steady at 19.25%. The move indicates \u201cthat further declines in inflation were\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":[]},{"id":602514,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/31\/against-expectations-central-bank-of-egypt-leaves-interest-rates-unchanged\/","url_meta":{"origin":596953,"position":3},"title":"Against expectations, Central Bank of Egypt leaves interest rates unchanged","author":"enterpriseam admin","date":"31 March 2019","format":false,"excerpt":"Central Bank of Egypt surprises as it leaves interest rates unchanged: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left key interest rates on hold last Thursday, going against expectations that it would cut rates by as much as 100 bps. The MPC left the overnight deposit and lending\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":638250,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/01\/cbe-keeps-interest-rates-on-hold\/","url_meta":{"origin":596953,"position":4},"title":"CBE keeps interest rates on hold","author":"enterpriseam admin","date":"1 October 2017","format":false,"excerpt":"CBE leaves interest rates on hold: The central bank\u2019s Monetary Policy Committee left the country\u2019s key interest rates unchanged during its Thursday meeting. Rates remain at 18.75% for overnight deposits and 19.75% for overnight lending. The discount rate also remained unchanged at 19.25%, the CBE said in a statement. 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":[]},{"id":651680,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/19\/mpc-maintains-key-interest-rates-in-thursday-meeting\/","url_meta":{"origin":596953,"position":5},"title":"MPC maintains key interest rates in Thursday meeting","author":"enterpriseam admin","date":"19 February 2017","format":false,"excerpt":"CBE leaves key interest rates on hold for the third consecutive meeting: As many had been anticipating, the Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) decided on Thursday to leave overnight deposit and lending rates unchanged at 14.75% and 15.75%, respectively, according to a CBE statement (pdf). January\u2019s record-high\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\/596953","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=596953"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596953\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596954"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596953"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596953"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}