{"id":629755,"date":"2018-04-01T03:45:36","date_gmt":"2018-04-01T03:45:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/"},"modified":"2018-04-01T03:45:36","modified_gmt":"2018-04-01T03:45:36","slug":"mpc-cuts-interest-rates-100-bps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/","title":{"rendered":"MPC cuts interest rates 100 bps"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The central bank\u2019s Monetary Policy Committee cut interest rates 100 bps on Thursday<\/strong>, the CBE said in <a href=\"https:\/\/ent.news\/2018\/3\/1200.pdf\">a statement (pdf)<\/a>. The central bank\u2019s overnight deposit rate is now 16.75%, its overnight lending rate and discount rate also dropped 100 bps to 17.25%. The move was in line with market expectations, <a href=\"https:\/\/af.reuters.com\/article\/africaTech\/idAFL8N1RB6LM\">Reuters<\/a> reports, with <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/27\/what-were-tracking-on-27-march-2018\/\">research houses having unanimously predicted<\/a> a rate cut. Nine out of 11 economists polled by Reuters and all eight economists surveyed by Bloomberg predicted a cut.<\/p>\n<p><strong>Inflation is under control: <\/strong>The rate cut is a continuation of the monetary easing first adopted during the February interest rate cut as inflation continues to decline, the statement said. Annual headline inflation fell to 14.4% in February from a high of 33% in July 2017, and core inflation dropped to 11.9% last month from a high of 35.3% in July \u2014 the lowest they\u2019ve been since 2016. \u201cCutting key policy rates today remains consistent with tight real monetary conditions and with achieving the inflation target of 13% (\u00b13%) in 4Q2018 and single digits thereafter,\u201d the CBE said.<\/p>\n<p><strong>\u2026but we\u2019re still looking at a summertime bump in inflation:<\/strong> \u201cDomestic risks surrounding the inflation outlook include the evolution of inflation expectations, <strong>the timing and magnitude of potential subsidy-reform measures<\/strong>, as well as demand-side pressures. Risks from the global economy are crude oil price developments and the pace of tightening financial conditions,\u201d the CBE\u2019s Thursday statement warned.<\/p>\n<p><strong>GDP Growth also factored into the decision.<\/strong> Real GDP growth reached its highest levels since 2010, growing for a fifth consecutive quarter in 4Q2017 to 5.3%. GDP in FY2017 reached 5.0, according to the CBE. The pickup was attributed to growing exports following the EGP float and a rise in consumer spending. This coincided with a drop in unemployment to 11.3% in December 2017.<\/p>\n<p><strong>Subsidy cuts in July and the impact on the carry trade has economists seeing a slowdown of the rate cuts.<\/strong> \u201cThe rate cut was expected given the sharp fall in inflation, but <strong>the CBE is likely to pause until the second half of the year before easing further<\/strong>. This will give it the chance to evaluate the inflationary effects of future rounds of subsidy reductions,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-03-29\/egypt-cuts-rates-again-as-inflation-falls-within-target\">Bloomberg Economics\u2019 Ziad Daoud<\/a> said, adding \u201cIt\u2019ll also allow it to assess the impact of the recent cuts on portfolio inflows.\u201d<\/p>\n<p><strong>Will banks be canceling their high-yielding CDs? <\/strong>SAIB Bank officials will <a href=\"http:\/\/www.almalnews.com\/Story\/370821\/12\/%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A%D8%A9-%D9%8A%D8%A8%D8%AD%D8%AB-%D9%85%D8%B5%D9%8A%D8%B1-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%81%D8%A7%D8%A6%D8%AF%D8%A9-%D8%BA%D8%AF%D8%A7\">meet tomorrow<\/a> to discuss interest rates, while Banque du Caire\u2019s Asset-Liability Committee will meet on Monday to decide on whether to discontinue entirely or just lower the yield of its 15% CD, Chairman Tarek Fayed said yesterday, <a href=\"http:\/\/www.almalnews.com\/Story\/370822\/12\/%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%82%D8%A7%D9%87%D8%B1%D8%A9-%D9%8A%D8%A8%D8%AD%D8%AB-%D9%85%D8%B5%D9%8A%D8%B1-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%81%D8%A7%D8%A6%D8%AF%D8%A9-%D8%A7%D9%84%D8%A7%D8%AB%D9%86%D9%8A%D9%86\">Al Mal reports<\/a>.<\/p>\n<p><strong>Banque Misr and the National Bank of Egypt plan to lower their interest rates by 100 bps,<\/strong> sources with knowledge of the matter <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1276839\">tell Al Masry Al Youm<\/a>. Both institutions will also be asking for the CBE\u2019s guidance on whether or not to cancel high-yield certificates of deposits altogether.<\/p>\n<p><strong>Banque Misr has no intention of scrapping its 17% CDs,<\/strong> according to Deputy Chairman Sahar El Damaty, <a href=\"http:\/\/www.almalnews.com\/Story\/370809\/12\/%D8%A8%D9%86%D9%83-%D9%85%D8%B5%D8%B1-%D9%84%D8%A7-%D8%A7%D8%AA%D8%AC%D8%A7%D9%87-%D9%84%D8%A5%D9%84%D8%BA%D8%A7%D8%A1-%D8%B4%D9%87%D8%A7%D8%AF%D8%A9-%D8%A7%D9%84%D9%8017%D8%A8%D8%A7%D9%84%D9%85%D8%A6%D8%A9\">who also said yesterday<\/a> that the bank\u2019s ALCO will meet soon to discuss Thursday\u2019s rate cut. Banque Misr had reduced the yield on its 20% CDs to 17% after the central bank slashed rates by 100 bps <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/18\/cbe-signals-victory-over-inflation-cutting-interest-rates-by-100-bps\/\">back in February<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The central bank\u2019s Monetary Policy Committee cut interest rates 100 bps on Thursday, the CBE said in a statement (pdf). The central bank\u2019s overnight deposit rate is now 16.75%, its overnight lending rate and discount rate also dropped 100 bps to 17.25%. The move was in line with market expectations, Reuters reports, with research houses [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":629756,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3878e0d6-e1a1-4393-b63a-54fec53b7c0b","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/1\/1102.jpg","photo_position":"above","related_issue":[629747],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MPC cuts interest rates 100 bps - 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\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MPC cuts interest rates 100 bps\" \/>\n<meta property=\"og:description\" content=\"The central bank\u2019s Monetary Policy Committee cut interest rates 100 bps on Thursday, the CBE said in a statement (pdf). The central bank\u2019s overnight deposit rate is now 16.75%, its overnight lending rate and discount rate also dropped 100 bps to 17.25%. The move was in line with market expectations, Reuters reports, with research houses [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-01T03:45:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/1\/1102.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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"MPC cuts interest rates 100 bps\",\"datePublished\":\"2018-04-01T03:45:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/\"},\"wordCount\":531,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/1\/1102.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/mpc-cuts-interest-rates-100-bps\/\",\"name\":\"MPC cuts interest rates 100 bps - 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The central bank\u2019s overnight deposit rate is now 16.75%, its overnight lending rate and discount rate also dropped 100 bps to 17.25%. 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The central bank cited domestic factors such as inflation accelerating in December on the back of the dissipating favorable base\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/632.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632682,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/18\/cbe-signals-victory-over-inflation-cutting-interest-rates-by-100-bps\/","url_meta":{"origin":629755,"position":1},"title":"CBE signals victory over inflation, cutting interest rates by 100 bps","author":"enterpriseam admin","date":"18 February 2018","format":false,"excerpt":"CBE signals victory over inflation, cuts interest rates by 100 bps: The central bank\u2019s Monetary Policy Committee cut interest rates by 100 bps at its meeting on Thursday, the first rate cut since the EGP float in late 2016. The MPC lowered its overnight deposit, overnight lending and main operations\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":596299,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/central-bank-of-egypt-cuts-interest-rates-for-the-first-time-since-february\/","url_meta":{"origin":629755,"position":2},"title":"Central Bank of Egypt cuts interest rates for the first time since February","author":"enterpriseam admin","date":"25 August 2019","format":false,"excerpt":"CBE cuts interest rates for the first time since February: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) cut interest rates by 150 bps on Thursday, the CBE said in a statement (pdf). The central bank cited last month\u2019s \u201crelatively tame\u201d inflation figures, declining unemployment rates, and increasing GDP\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/2941.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":629755,"position":3},"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 &quot;Speed Round&quot;","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":594183,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/fitch-forecasts-50-bps-rate-cut-in-november-mpc-meeting\/","url_meta":{"origin":629755,"position":4},"title":"Fitch forecasts 50 bps rate cut in November MPC meeting","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"Fitch Solutions expects the CBE to cut interest rates by 0.5% before the end of the year, and 1.5% in 2020, Masrawy said, citing a report. The data vendor arm of the ratings agency said that easing inflation and the two consecutive rate cuts in the US will encourage the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":567095,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/analysts-split-on-interest-rates-ahead-of-thursdays-cbe-meeting\/","url_meta":{"origin":629755,"position":5},"title":"Analysts split on interest rates ahead of Thursday\u2019s CBE meeting","author":"enterpriseam admin","date":"13 January 2020","format":false,"excerpt":"SURVEY- Analysts split on interest rates ahead of Thursday\u2019s CBE meeting. A poll conducted by Enterprise over the weekend shows no consensus among analysts about whether the central bank will cut interest rates when its new Monetary Policy Committee meets on Thursday. Four of the seven analysts we polled predicted\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/581.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629755","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=629755"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629755\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/629747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/629756"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=629755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=629755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=629755"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=629755"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=629755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}