{"id":612490,"date":"2023-12-24T00:00:00","date_gmt":"2023-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/cbe-holds-interest-rates-steady-for-third-consecutive-meeting\/"},"modified":"2023-12-24T00:00:00","modified_gmt":"2023-12-24T00:00:00","slug":"cbe-holds-interest-rates-steady-for-third-consecutive-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/cbe-holds-interest-rates-steady-for-third-consecutive-meeting\/","title":{"rendered":"CBE holds interest rates steady for third consecutive meeting"},"content":{"rendered":"

The Central Bank of Egypt (CBE) left interest rates unchanged <\/strong>at its last policy meeting of the year on Thursday. The Monetary Policy Committee (MPC) cited a slowdown in global growth, easing inflation at home, and a decline in energy prices, it said in a statement (pdf)<\/a>. This comes as pundits anticipate a float or devaluation<\/a> now that President Abdel Fattah El Sisi has secured his third term in office.<\/p>\n

As they currently stand:<\/strong> The overnight deposit rate stands at 19.25%, the overnight lending rate at 20.25%, and the main operation and disc. rates at 19.75%.<\/p>\n

Further slowdown in growth ahead: <\/strong>The CBE sees growth further decelerating in the fiscal year 2023-2024 before gradually picking up due to the \u201cnegative spillovers emanating from geopolitical tensions in the region, especially on the services sector.\u201d Growth slowed to 2.9% in 2Q 2023 from 3.9% in the previous quarter, while annual growth decelerated to 3.8% in FY 2022-2023 from 6.7% the year prior, the statement reads.<\/p>\n

And inflation has eased:<\/strong> Annual headline inflation eased for the second consecutive month in November to 34.6%<\/a> \u2014 down from 35.8% in October<\/a> \u2014 hitting its lowest level in six months on the back of slowing food price increases and a favorable base effect. Inflation is expected to further decline to 34.4% in December, securities banking and macro analyst Heba Monir told us last week.<\/p>\n

The CBE\u2019s move was expected:<\/strong> Seven of the nine analysts we surveyed<\/a> last week predicted that the MPC would hold rates steady thanks to the slowdown in inflation and the US Federal Reserve\u2019s decision to leave rates unchanged<\/a> earlier this month. The other two saw the bank hiking rates between 50-300 bps to contain inflation. <\/p>\n

Third time in a row:<\/strong> The central bank held interest rates steady during its past two meetings in November<\/a> and September<\/a>. Rates have risen 1.1k bps since March 2022, with the bank last hiking rates in August<\/a>.<\/p>\n

Keeping its powder dry:<\/strong> Analysts expect the central bank to go for a fourth devaluation since March 2022 sometime in the coming weeks \u2014 a move that is traditionally accompanied by a substantial rate hike. Flexibility in our FX regime is a key condition of our USD 3 bn IMF loan and will be key if we do want to unlock a larger package<\/a>.<\/p>\n

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

The central bank expects a further decline in growth during the current fiscal year followed by a gradual recovery<\/p>\n","protected":false},"author":1,"featured_media":612491,"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":[271,104,72,349,724],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-interest-rates","tag-monetary-policy","wpautop","entry"],"acf":{"mongo_id":"7665fdfe-0f8e-4796-a855-aac59a3aa1ef","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1521.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central Bank of Egypt holds interest rates steady ahead of widely expected devaluation of the EGP","related_issue":[612483],"teaser":"The central bank expects a further decline in growth during the current fiscal year followed by a gradual recovery","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.9cb34704-7e73-49a5-9d14-ce549478f240.mp3"},"yoast_head":"\nCBE holds interest rates steady for third consecutive meeting - 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\/2023\/12\/24\/cbe-holds-interest-rates-steady-for-third-consecutive-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE holds interest rates steady for third consecutive meeting\" \/>\n<meta property=\"og:description\" content=\"The central bank expects a further decline in growth during the current fiscal year followed by a gradual recovery\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/cbe-holds-interest-rates-steady-for-third-consecutive-meeting\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-24T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1521.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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maintain a tight monetary stance until a significant and sustained decline in inflation is achieved\u201d","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\/2024\/10\/828.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620711,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/cbe-leaves-interest-rates-unchanged-in-line-with-expectations\/","url_meta":{"origin":612490,"position":1},"title":"CBE leaves interest rates unchanged in line with expectations","author":"enterpriseam admin","date":"26 May 2024","format":false,"excerpt":"The MPC cited a slowdown in growth rates and cooling inflation","rel":"","context":"In 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The Monetary Policy Committee left overnight deposit and lending rates\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\/2021\/10\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","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":612490,"position":3},"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":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":612490,"position":4},"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":571553,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/central-bank-of-egypt-leaves-rates-unchanged-in-may\/","url_meta":{"origin":612490,"position":5},"title":"Central Bank of Egypt leaves rates unchanged in May","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"CBE decides to keep a bullet in its chamber, leaving rates on hold at MPC meeting: The Central Bank of Egypt\u2019s (CBE) Monetary Policy Committee (MPC) left interest rates on hold for the second consecutive month when it met on Thursday, the central bank said in a statement(pdf). 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