{"id":632682,"date":"2018-02-18T04:22:50","date_gmt":"2018-02-18T04:22:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/18\/cbe-signals-victory-over-inflation-cutting-interest-rates-by-100-bps\/"},"modified":"2018-02-18T04:22:50","modified_gmt":"2018-02-18T04:22:50","slug":"cbe-signals-victory-over-inflation-cutting-interest-rates-by-100-bps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/18\/cbe-signals-victory-over-inflation-cutting-interest-rates-by-100-bps\/","title":{"rendered":"CBE signals victory over inflation, cutting interest rates by 100 bps"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>CBE signals victory over inflation, cuts interest rates by 100 bps:<\/strong> 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 rates by 100 bps each to 17.75%, 18.75%, and 18.25%, respectively. The discount rate was also cut by 100 bps to 18.25%, <a href=\"https:\/\/ent.news\/2018\/2\/374.pdf\">the CBE said in a statement on Thursday (pdf)<\/a>. \u201c[The cut] remains consistent with tight real monetary conditions; a necessary requirement to achieve the inflation target of 13% (\u00b13 percent) in 4Q2018 and single digits thereafter.\u201d<\/p>\n<p><strong>The base effect has kicked in:<\/strong> \u201cInflationary pressures have been contained, a consequence of tighter real monetary conditions. This has been evident by relatively tame monthly inflation figures, despite being affected by upward adjustments of regulated prices,\u201d read the statement. <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/11\/inflation-drops-to-17-1-in-january\/\">Inflation had dropped<\/a> for the sixth consecutive month in January, with annual inflation falling to 17.1% and core inflation easing to 14.35%. \u201cFavorable base effects have been accelerating the decline of annual inflation rates since November 2017,\u201d said the CBE.<\/p>\n<p><strong>GDP strength also factored in:<\/strong> The central bank noted that GDP continued to grow for the fifth consecutive quarter, culminating in <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/15\/egypts-gdp-growth-for-2q2017-18-rose-to-around-5-3-from-3-8\/\">a rate of 5.3% in 2Q2017-18<\/a>, \u201cthe highest economic growth since 2010.\u201d The CBE attributed this growth to higher foreign demand for Egyptian opportunities since the float.<\/p>\n<p><strong>The pick-up of economic activity coincided with the continued narrowing of the unemployment rate, said the CBE. <\/strong>The unemployment rate in 3Q2017 was 11.9%, according to CAPMAS. The unemployment rate dropped to 11.3% in 4Q2017 from 12.4% in 4Q2016,CAPMAS announced on Thursday, <a href=\"https:\/\/af.reuters.com\/article\/africaTech\/idAFL8N1Q52CU\">as per Reuters<\/a>. The unemployment rate in 3Q2017 was 11.9%, according to CAPMAS.<\/p>\n<p><strong>Economists hail the beginning of Egypt\u2019s easing cycle: <\/strong>\u201cA 1% cut is a great signal for investors that the tightening of monetary policy has ended and also a conservative approach which is highly needed in order to test market activity moving forward,\u201d CI Capital Asset Management economist Noaman Khalid <a href=\"https:\/\/af.reuters.com\/article\/commoditiesNews\/idAFL8N1Q57JN\">told Reuters<\/a>. He said he expected another cut of 100 basis points at the bank\u2019s next policy meeting, scheduled for March 29. Capital Economics believes that the easing cycle is likely to result in sharper interest rate cuts than most anticipate. \u201c<strong>We expect an additional 650 bp of rate cuts by the end of 2019,\u201d<\/strong> the firm said in <a href=\"https:\/\/research.cdn.capitaleconomics.com\/8feb68\/egypts-easing-cycle-to-be-larger-than-most-expect-2.pdf\">a research note on Friday (pdf)<\/a>.<\/p>\n<p><strong>The carry trade still looks attractive: <\/strong>Others are looking to the US Fed to see if Egypt\u2019s debt will remain attractive in light of global market turbulence. \u201cThe main concern is whether Egypt will continue to be an attractive destination for portfolio investments, particularly if the Federal Reserves also raises rates in the coming months,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-15\/egypt-cuts-interest-rates-as-slowing-inflation-eases-worries\">said Bloomberg\u2019s Economics\u2019 Ziad Daoud<\/a>. Average yields on Egypt\u2019s debt dropped to 15% prior to the rate cuts, which some argue is still very attractive. \u201cThe carry trade in Egypt remains very attractive,\u201d said Brett Rowley, Managing Director at TCW Group, which currently holds Egyptian debt.<\/p>\n<p><strong>Industry is looking for further rate cuts to unlock capex spending<\/strong>, members of the Federation of Egyptian Industries (FEI) tell state-owned <a href=\"http:\/\/gate.ahram.org.eg\/News\/1828123.aspx\">Ahram Gate<\/a>.<\/p>\n<p><strong>Bye-bye, 20% CDs: <\/strong>The three largest state-owned banks announced yesterday that they would stop issuing their infamous 20% CDs. Banque Misr will be offering 17% CDs with one-year maturity, down from 18 months, Chairman Mohamed El Etreby <a href=\"http:\/\/www.almalnews.com\/Story\/365285\/12\/%D8%B9%D8%A7%D8%AC%D9%84----%D8%AE%D9%81%D8%B6-%D9%83%D8%A8%D9%8A%D8%B1-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%B4%D9%87%D8%A7%D8%AF%D8%A7%D8%AA-%D9%85%D8%B1%D8%AA%D9%81%D8%B9%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D8%A6%D8%AF-%D8%A8%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A7%D9%84\">tells Al Mal<\/a>. The National Bank of Egypt and Banque du Caire also followed suit. The three also lowered yields on 16%-yielding Platinum CDs by 100 bps. Banque du Caire will begin issuing CDs offering 15% today, <a href=\"http:\/\/www.almalnews.com\/Story\/365323\/12\/%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%82%D8%A7%D9%87%D8%B1%D8%A9-%D9%8A%D8%B7%D9%84%D9%82-%D8%B4%D9%87%D8%A7%D8%AF%D8%A9-%D8%A5%D8%AF%D8%AE%D8%A7%D8%B1-%D8%A8%D8%B9%D8%A7%D8%A6%D8%AF-15%D8%A8%D8%A7%D9%84%D9%85%D8%A6%D8%A9---%D8%A7%D9%84%D8%A3%D8%AD%D8%AF-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\">said<\/a> the bank\u2019s Vice Chairman Amr El Shafei.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 rates by 100 bps each [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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-632682","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2478d628-47cc-4244-a7bd-b3c0d7e950cd","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[632672],"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>CBE signals victory over inflation, cutting interest rates by 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\/02\/18\/cbe-signals-victory-over-inflation-cutting-interest-rates-by-100-bps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE signals victory over inflation, cutting interest rates by 100 bps\" \/>\n<meta property=\"og:description\" content=\"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. 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The economists cited 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\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","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":632682,"position":1},"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":[]},{"id":594183,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/fitch-forecasts-50-bps-rate-cut-in-november-mpc-meeting\/","url_meta":{"origin":632682,"position":2},"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":599277,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/cbe-to-cut-rates-by-another-400-bps-by-end-of-2020-hc-securities\/","url_meta":{"origin":632682,"position":3},"title":"CBE to cut rates by another 400 bps by end of 2020 -HC Securities","author":"enterpriseam admin","date":"24 June 2019","format":false,"excerpt":"CBE to cut rates by another 400 bps by end of 2020 -HC Securities: The Central Bank of Egypt will cut rates by 100 bps in 4Q2019 before making 300 bps worth of cuts in 2020, HC Securities & Investment writes in a report to clients. The return to easing\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":593045,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps\/","url_meta":{"origin":632682,"position":4},"title":"Central Bank of Egypt cuts interest rates by 100 bps","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"CBE cuts rates by 100 bps, in line with market expectations: The Central Bank of Egypt\u2019s Monetary Policy (MPC) cut interest rates by 100 bps on Thursday, the CBE said in a statement (pdf). The central bank cited inflation\u2019s continued deceleration in October, with annual headline inflation hitting its lowest\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":595265,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/22\/enterprise-poll-central-bank-of-egypt-could-cut-interest-rates-again-this-week\/","url_meta":{"origin":632682,"position":5},"title":"Enterprise Poll: Central Bank of Egypt could cut interest rates again this week","author":"enterpriseam admin","date":"22 September 2019","format":false,"excerpt":"SURVEY- The Central Bank of Egypt (CBE) could cut benchmark interest rates by 50-150 bps when its Monetary Policy Committee (MPC) meets this Thursday, according to seven of eight economists polled by Enterprise. The economists cited the unexpected inflation rate in August, which dropped to the lowest level in six-and-a-half\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632682","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=632682"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632682\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/632672"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=632682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=632682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=632682"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=632682"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=632682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}