{"id":606898,"date":"2023-09-24T00:00:00","date_gmt":"2023-09-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/24\/central-bank-of-egypt-holds-interest-rates-steady\/"},"modified":"2023-09-24T00:00:00","modified_gmt":"2023-09-24T00:00:00","slug":"central-bank-of-egypt-holds-interest-rates-steady","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/24\/central-bank-of-egypt-holds-interest-rates-steady\/","title":{"rendered":"Central Bank of Egypt holds interest rates steady"},"content":{"rendered":"

The Central Bank of Egypt (CBE) kept interest rates unchanged on <\/strong> Thursday<\/strong>, it said in a statement (pdf)<\/a>, citing a \u201cslight decline\u201d in core inflation and a \u201cmoderation\u201d of real GDP growth. <\/p>\n

Where rates stand: <\/strong> The overnight deposit rate is at 19.25%, the overnight lending rate is at 20.25%, while the main operation and disc. rates are both at 19.75%.<\/p>\n

What they said: <\/strong>The Monetary Policy Committee (MPC) \u201cdecided to keep policy rates unchanged and will continue assessing the cumulative impact of previously enacted tightening policies and its transmission to the economy in a data-driven manner,\u201d it said in the statement. Aside from a surpris<\/a> e 100-basis-point ra<\/a> te hike<\/a> at its last meeting in August, the central bank has kept rates unchanged since March<\/a> as it assesses the impact of 1k bps worth of rate hikes made in the preceding 12 months. <\/p>\n

No surprise: <\/strong>All of the seven analysts and economists we surveyed in our interest rate poll<\/a> ahead of last week\u2019s meeting expected the MPC to hold rates steady. A number of analysts said that the bank will assess how the previous hikes are impacting the economy before it moves forward with another rate hike. <\/p>\n

Is the tide turning on inflation? <\/strong>The central bank noted the slight dip over the summer in the rate of core inflation \u2014 which strips out volatile items such as food and fuel. It also pointed out that while food inflation continues to accelerate, it is being \u201cdriven by volatile items as opposed to core food items in earlier months,\u201d adding that inflation dynamics in July and August were a result of seasonal increases in agricultural goods on the back of poor weather conditions, as well as supply chain disruptions. <\/p>\n

Remember: <\/strong>Annual inflation clocked a new record high<\/a> in August, though on a monthly basis price growth slowed for the third consecutive month to 1.6%, indicating weakening price pressures. <\/p>\n

Analysts agree: <\/strong>\u201cInflationary pressures will likely continue to ease through the coming months as previous currency moves pass through the base, meaning that the Egyptian central bank\u2019s hiking cycle is likely done for now,\u201d analysts at Emirates NBD Bank PJSC said in a report picked up by Bloomberg<\/a>.<\/p>\n

Most still have their eye on the EGP: <\/strong>Analysts are expecting the central bank to devalue the currency again to coincide with the IMF\u2019s anticipated review of the USD 3 bn loan program. \u201c[The EGP] has lost nearly half of its value against the USD since March 2022. That may not be the end of it. There are at least three reasons why the country will likely devalue again: a large external-funding problem, limited sources of financing, and expectations that the currency would weaken again, which could prove to be self-fulfilling,\u201d said Ziad Daoud, Bloomberg\u2019s chief emerging markets economist. <\/p>\n

The CBE\u2019s decision got ink in the foreign press: <\/strong>Bloomberg<\/a> | Reuters<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The central bank will continue to assess the impact of previous rate hikes, it said following Thursday's meeting<\/p>\n","protected":false},"author":1,"featured_media":606899,"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":[7206],"tags":[271,104,72,182,349],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-inflation","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"dd8f3352-c9f5-427e-a7f8-6e36242c1043","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1388.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central Bank of Egypt holds interest rates steady","related_issue":[606893],"teaser":"The central bank will continue to assess the impact of previous rate hikes, it said following Thursday's meeting","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.e2cf29d4-265a-42d6-b2c0-87cb350b9100.mp3"},"yoast_head":"\nCentral Bank of Egypt holds interest rates steady - 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The bank\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\/5\/169.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586546,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/14\/cbe-to-keep-rates-unchanged-on-slower-april-inflation-poll\/","url_meta":{"origin":606898,"position":2},"title":"CBE to keep rates unchanged on slower April inflation -poll","author":"enterpriseam admin","date":"14 May 2023","format":false,"excerpt":"Seven of nine analysts expect rates to be held steady","rel":"","context":"In "POLL"","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/704.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598424,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/egypts-central-bank-keeps-interest-rates-on-hold\/","url_meta":{"origin":606898,"position":3},"title":"Egypt\u2019s central bank keeps interest rates on hold","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"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\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":579367,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/cbe-keeps-rates-on-hold-in-surprise-move\/","url_meta":{"origin":606898,"position":4},"title":"CBE keeps rates on hold in surprise move","author":"enterpriseam admin","date":"5 February 2023","format":false,"excerpt":"CBE unexpectedly holds interest rates steady in its first meeting of the year: The Central Bank of Egypt (CBE) left interest rates unchanged on Thursday, defying expectations of a third consecutive hike. The Monetary Policy Committee (MPC) left the deposit rate at 16.25%, the lending rate at 17.25%, and the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/66.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599519,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/central-bank-of-egypt-leaves-interest-rates-unchanged-at-final-mpc-meeting-of-2018\/","url_meta":{"origin":606898,"position":5},"title":"Central Bank of Egypt leaves interest rates unchanged at final MPC meeting of 2018","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"The Central Bank of Egypt left key interest rates on hold last Thursday, citing global monetary policy tightening, trade wars and volatility in the oil market. 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