{"id":638250,"date":"2017-10-01T04:09:58","date_gmt":"2017-10-01T04:09:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/01\/cbe-keeps-interest-rates-on-hold\/"},"modified":"2017-10-01T04:09:58","modified_gmt":"2017-10-01T04:09:58","slug":"cbe-keeps-interest-rates-on-hold","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/01\/cbe-keeps-interest-rates-on-hold\/","title":{"rendered":"CBE keeps interest rates on hold"},"content":{"rendered":"

<\/a> CBE leaves interest rates on hold:<\/strong> The central bank\u2019s Monetary Policy Committee left the country\u2019s key interest rates unchanged during its Thursday meeting. Rates remain at 18.75% for overnight deposits and 19.75% for overnight lending. The discount rate also remained unchanged at 19.25%, the CBE said in a statement<\/a>. The MPC acknowledged improvements in economic conditions in recent months \u2014 driven mainly by tourism, trade, natural gas, construction, and non-petroleum manufacturing \u2014 but said \u201cthe inflation outlook remains in line with achieving the inflation target. Against this background and given the continuation of tightening real monetary conditions, the MPC decided that current policy rates remain appropriate at this juncture.\u201d Economists polled by Reuters last week had predicted that rates would remain on hold, explaining that inflation has not yet reached levels that would warrant a decrease in borrowing and lending costs, especially as the government is working toward reaching a 13% inflation rate by 4Q2018. The MPC has raised interest rates by a total 700 bps since the EGP was floated<\/a> last year in a bid to help curb soaring inflation levels, which only began to cool in August, when core inflation slowed to 34.86%, from 35.62% in July, and annual headline inflation declined to 31.9%, from 33.0% the month before.<\/p>\n

\u2026Separately, foreign debt rose 42% y-o-y to USD 79 bn in FY2016-17 from USD 55.8 bn in FY2015-16<\/strong>, the central bank announced in its 2016 Financial Stability Report<\/a>. The increase comes mainly from low-cost, long-term facilities, according to the report, which says that the figure \u201cremains within safe levels by international standards, as it\u2019s still below global net foreign reserves\u201d at 39% of the total. Institutional loans from foreign and regional lenders are up by USD 7.7 bn, those from treasuries and bonds are up by USD 5.5 bn, while short-term loans are up by USD 5.3 bn. The Finance Ministry is planning to issue USD 7 bn in eurobonds in FY2017-18.<\/p>\n

The central bank will announce FX reserve figures for September \u201cwithin days,\u201d<\/strong> according to Youm7<\/a>. Net international reserves had reached their highest point ever in July, jumping to USD 36 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBE leaves interest rates on hold: The central bank\u2019s Monetary Policy Committee left the country\u2019s key interest rates unchanged during its Thursday meeting. Rates remain at 18.75% for overnight deposits and 19.75% for overnight lending. The discount rate also remained unchanged at 19.25%, the CBE said in a statement. The MPC acknowledged improvements in economic […]<\/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-638250","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"bf29d388-4a11-4658-bd13-e04105dffd0d","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[638243],"teaser":"","voice_url":""},"yoast_head":"\nCBE keeps interest rates on hold - 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\/2017\/10\/01\/cbe-keeps-interest-rates-on-hold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE keeps interest rates on hold\" \/>\n<meta property=\"og:description\" content=\"CBE leaves interest rates on hold: The central bank\u2019s Monetary Policy Committee left the country\u2019s key interest rates unchanged during its Thursday meeting. Rates remain at 18.75% for overnight deposits and 19.75% for overnight lending. The discount rate also remained unchanged at 19.25%, the CBE said in a statement. 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Overnight deposit and lending rates remained unchanged at 18.75% and 19.75%, respectively, with the discount rate also steady at 19.25%. The move indicates \u201cthat further declines in inflation were\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":621735,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/central-bank-of-egypt-leaves-interest-rates-unchanged-2\/","url_meta":{"origin":638250,"position":1},"title":"Central Bank of Egypt leaves interest rates unchanged","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"The central bank of Egypt (CBE) kept key interest rates on hold on Thursday, citing higher-than-expected headline inflation rates in September and October. 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 operation and discount\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":651680,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/19\/mpc-maintains-key-interest-rates-in-thursday-meeting\/","url_meta":{"origin":638250,"position":2},"title":"MPC maintains key interest rates in Thursday meeting","author":"enterpriseam admin","date":"19 February 2017","format":false,"excerpt":"CBE leaves key interest rates on hold for the third consecutive meeting: As many had been anticipating, the Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) decided on Thursday to leave overnight deposit and lending rates unchanged at 14.75% and 15.75%, respectively, according to a CBE statement (pdf). January\u2019s record-high\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":638250,"position":3},"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). 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":625173,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/30\/central-bank-leaves-interest-rates-unchanged\/","url_meta":{"origin":638250,"position":4},"title":"Central bank leaves interest rates unchanged","author":"enterpriseam admin","date":"30 September 2018","format":false,"excerpt":"The Central Bank of Egypt left key interest rates unchanged on Thursday, as was widely expected. The CBE\u2019s monetary policy committee left overnight deposit and lending rates on hold at 16.75% and 17.75%, respectively, while the main operation and discount rates were also maintained at 17.25%, the CBE said in\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":596953,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/cbe-plays-it-safe-and-leaves-rates-on-hold-in-july\/","url_meta":{"origin":638250,"position":5},"title":"CBE plays it safe and leaves rates on hold in July","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"CBE plays it safe and leaves rates on hold: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) left key interest rates unchanged on Thursday, the CBE said in a statement (pdf). 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