{"id":598424,"date":"2019-05-26T03:59:37","date_gmt":"2019-05-26T03:59:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egypts-central-bank-keeps-interest-rates-on-hold\/"},"modified":"2019-05-26T03:59:37","modified_gmt":"2019-05-26T03:59:37","slug":"egypts-central-bank-keeps-interest-rates-on-hold","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egypts-central-bank-keeps-interest-rates-on-hold\/","title":{"rendered":"Egypt\u2019s central bank keeps interest rates on hold"},"content":{"rendered":"

<\/a> With one eye on inflation, the central bank leaves interest rates on hold:<\/b> The Central Bank of Egypt\u2019s Monetary Policy Committee left key interest rates unchanged on Thursday, in line with analyst expectations. The MPC left the overnight deposit and lending rates at 15.75% and 16.75%, respectively, and also left on hold its main operation and discount rates at 16.25%, the CBE said in a statement (pdf)<\/a>. The story was covered by Bloomberg<\/a> and Reuters<\/a>.<\/p>\n

The move was in line with expectations: <\/b>All 12 economists we polled<\/a> ahead of the meeting said they expected rates to be left on hold. Respondents cited the likely impact on inflation of upcoming cuts to subsidies for fuel and electricity. They said they expect easing to resume toward the end of this year<\/b>.<\/p>\n

The CBE\u2019s rationale:<\/b> The current rates are \u201cappropriate and consistent with achieving the inflation target rate of 9% (\u00b13%) by 4Q2020 and the stability of prices in the medium-term,\u201d the CBE said in the statement. \u201cThe outlook for inflation incorporates the probable procedures to fix state finances,\u201d which includes lifting subsidies<\/a> on most petroleum products and the implementation of a new pricing mechanism that will peg the domestic price of fuel to international markets.<\/p>\n

Inflation had cooled in April:<\/b> The annual headline rate of inflation fell to 13.0% in April from 14.2% in March, the lowest rate since the start of the year, according to central bank figures (pdf)<\/a>.<\/p>\n

A messy backdrop including global trade wars and rising oil prices is also a concern:<\/b> Global economic growth is slowing and the negative impact of trade tensions has yet to be felt in full, the CBE suggested. Oil prices have been increasing since the start of the year and are vulnerable to more volatility due to regional risks and other supply factors which are impacting the outlook for local inflation, it added.<\/p>\n

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

The move means businesses will be leaving capex spending on hold for the time being.<\/b> The 100 bps rate cut at the start of 2019 sent a positive message, but analysts told us<\/a> rates will have to fall further before businesses start borrowing to invest. Look for appetite for working capital finance to hold up in the meantime.<\/p>\n

But the carry trade isn\u2019t likely to lose its appeal to global investors:<\/b> \u201cEgypt will remain attractive for investors compared to other emerging markets because its interest rate should remain relatively high, its currency position good, and the country\u2019s risk profile is low compared to other emerging peers,\u201d Mohamed Abu Basha, head of macroeconomic analysis at EFG Hermes, told Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

With one eye on inflation, the central bank leaves interest rates on hold: The Central Bank of Egypt\u2019s Monetary Policy Committee left key interest rates unchanged on Thursday, in line with analyst expectations. The MPC left the overnight deposit and lending rates at 15.75% and 16.75%, respectively, and also left on hold its main operation […]<\/p>\n","protected":false},"author":1,"featured_media":598425,"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":[271,104,72,182,349,724,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-inflation","tag-interest-rates","tag-monetary-policy","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"14ba8c19-6ce7-4539-bdb8-80bb70fa74ef","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[598419],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s central bank keeps interest rates on hold - 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\/05\/26\/egypts-central-bank-keeps-interest-rates-on-hold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s central bank keeps interest rates on hold\" \/>\n<meta property=\"og:description\" content=\"With one eye on inflation, the central bank leaves interest rates on hold: The Central Bank of Egypt\u2019s Monetary Policy Committee left key interest rates unchanged on Thursday, in line with analyst expectations. 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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":621735,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/central-bank-of-egypt-leaves-interest-rates-unchanged-2\/","url_meta":{"origin":598424,"position":1},"title":"Central Bank of Egypt leaves interest rates unchanged","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"The central bank of Egypt (CBE) kept key interest rates on hold on Thursday, citing higher-than-expected headline inflation rates in September and October. 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":637512,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/19\/as-expected-cbe-leaves-interest-rates-on-hold\/","url_meta":{"origin":598424,"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":625173,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/30\/central-bank-leaves-interest-rates-unchanged\/","url_meta":{"origin":598424,"position":3},"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":642633,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/20\/cbe-leaves-interest-rates-on-hold-2\/","url_meta":{"origin":598424,"position":4},"title":"CBE leaves interest rates on hold","author":"enterpriseam admin","date":"20 August 2017","format":false,"excerpt":"The central bank\u2019s Monetary Policy Committee left interest rates on Thursday. The overnight deposit rate was held steady at 18.75% while the overnight lending rate was kept the same at 19.75%. Annual urban headline inflation rate increased to 33% in July on account of numerous subsidy cuts and a slight\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":647685,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/17\/13-of-14-economists-surveyed-by-reuters-see-the-central-bank-leaving-interest-rates-on-hold\/","url_meta":{"origin":598424,"position":5},"title":"13 of 14 economists surveyed by Reuters see the Central Bank leaving interest rates on hold","author":"enterpriseam admin","date":"17 May 2017","format":false,"excerpt":"13 of 14 economists surveyed by Reuters see the Central Bank leaving interest rates on hold when it meets this coming Sunday. \u201cThere is no need to change interest rates given that monthly inflation indicates the impact of the foreign exchange and energy shocks has dissipated, and with a weak\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\/598424","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=598424"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/598424\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/598419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/598425"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=598424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=598424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=598424"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=598424"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=598424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}