{"id":609398,"date":"2023-11-05T00:00:00","date_gmt":"2023-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/central-bank-of-egypt-holds-interest-rates-steady-2\/"},"modified":"2023-11-05T00:00:00","modified_gmt":"2023-11-05T00:00:00","slug":"central-bank-of-egypt-holds-interest-rates-steady-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/central-bank-of-egypt-holds-interest-rates-steady-2\/","title":{"rendered":"Central Bank of Egypt holds interest rates steady"},"content":{"rendered":"

The Central Bank of Egypt (CBE) kept interest rates steady at its <\/strong>next-to-last<\/strong> policy meeting of the year<\/strong>. The Monetary Policy Committee (MPC) on Thursday kept its overnight deposit rate at 19.25% and overnight lending rate at 20.25%, it said in a statement (<\/a>pdf<\/a>)<\/a> following the meeting, despite inflation continuing to run hot. The main operation and disc. rates were both held at 19.75%. The announcement comes as pundits expect the central bank to fully float the EGP after the presidential election scheduled for next month.<\/p>\n

What they said:<\/strong> The MPC said that it will base future policy decisions on inflation forecasts rather than recent data, but noted that annual core inflation has eased for the past three months. Inflation soared to a fresh record high<\/a> in September on the back of a succession of currency devaluations and seasonal factors.<\/p>\n

Analysts<\/strong>saw this coming: <\/strong>Six out of nine analysts we surveyed last week<\/a> predicted that rates would remain stable. Interest rates have become a less effective policy tool to curb inflation and felt that relatively stable inflation would factor into the CBE\u2019s calculus. After big hikes last year, the central bank has brought rates up by by just 100 bps<\/a> over the past seven months<\/a>.<\/p>\n

Devaluation looming<\/strong>, rate hikes might follow:<\/strong> \u201cThe Central Bank of Egypt will hike more aggressively closer to the currency adjustment, likely in 1Q 2024,\u201d Ramona Moubarak, Fitch Solutions' director of MENA country risk, told Enterprise. Headline inflation is expected to slow between October 2023 and February 2024 ahead of the devaluation, she added.<\/p>\n

The war in Gaza may also slow the economy + curb inflation: <\/strong>We may be looking at a \u201cdeflationary shock\u201d from a declining natural gas supplies and a potential drop-off in tourism stemming from the war on Gaza, Bank of America Middle East and North Africa economist Jean-Michel Saliba told Bloomberg<\/a>. This will contribute to the central bank leaving interest rates on hold until the devaluation, which he also expects to take place in 1Q 2024.<\/p>\n

The international press also had the story:<\/strong>Bloomberg<\/a> | Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This was the last policy meeting before the presidential election in December, after which the CBE is expected to devalue the currency for a fourth time<\/p>\n","protected":false},"author":1,"featured_media":609399,"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":[271,104,72,2234,182,349],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-inflation","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"3ab746c7-b281-466c-9e94-67a3a6a729c4","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 keeps interest rates steady","related_issue":[609384],"teaser":"This was the last policy meeting before the presidential election in December, after which the CBE is expected to devalue the currency for a fourth time","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.9a9ae21b-b275-42a8-9061-17638ac10775.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":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":609398,"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":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":609398,"position":2},"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. 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\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":589289,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/central-bank-of-egypt-leaves-interest-rates-unchanged\/","url_meta":{"origin":609398,"position":3},"title":"Central Bank of Egypt leaves interest rates unchanged","author":"enterpriseam admin","date":"25 June 2023","format":false,"excerpt":"The CBE is adopting a wait-and-see approach while previous rate hikes take effect","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\/6\/1218.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548742,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/cbe-holds-rates-steady-following-amer-resignation\/","url_meta":{"origin":609398,"position":4},"title":"CBE holds rates steady following Amer resignation","author":"enterpriseam admin","date":"21 August 2022","format":false,"excerpt":"The Central Bank of Egypt (CBE) left interest rates on hold on Thursday, hours after Hassan Abdalla was appointed governor following Tarek Amer\u2019s surpriseresignation on Wednesday. The CBE left the overnight deposit rate at 11.25%, the overnight lending rate at 12.25%, and the main operation and disc. rates at 11.75%,\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\/2022\/8\/330.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591925,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/enterprise-poll-central-bank-of-egypt-to-keep-rates-on-hold-in-final-meeting-of-2019\/","url_meta":{"origin":609398,"position":5},"title":"Enterprise poll: Central Bank of Egypt to keep rates on hold in final meeting of 2019","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"SURVEY- Economists expect CBE to keep rates on hold in final meeting of 2019: The Central Bank of Egypt (CBE) will leave interest rates on hold when its Monetary Policy Committee (MPC) meets this Thursday, according to seven of 10 economists polled by Enterprise. 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