{"id":644959,"date":"2017-07-09T04:24:33","date_gmt":"2017-07-09T04:24:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/"},"modified":"2017-07-09T04:24:33","modified_gmt":"2017-07-09T04:24:33","slug":"cbe-raises-interest-rates-200-bps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/","title":{"rendered":"CBE raises interest rates 200 bps"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The CBE\u2019s Monetary Policy Committee decided to raise interest rates by another 200 bps in its meeting last Thursday<\/strong>, marking the third such interest rate hike since the EGP float and a 700 bps increase in borrowing costs since then. The overnight deposit rate was raised to 18.75% from 16.75%, while the overnight lending rate increased 19.75% from 17.75%. The CBE\u2019s main operation rate grew to 19.25% and the discount rate was also raised to 19.75% from 17.75%, according to <a href=\"http:\/\/www.cbe.org.eg\/en\/Pages\/HighlightsPages\/MPC-Press-release-July-6-2017.aspx\">a statement from the CBE<\/a>.<\/p>\n<p><strong>Fuel, electricity hikes to blame: <\/strong>\"Higher prices of hydrocarbon products effective June 29, 2017, higher value added taxes effective July 1, 2017, higher electricity prices scheduled for July 2017, as well as other potential regulated price adjustments further increase inflationary pressure,\" the central bank said, justifying the move. Fuel prices were raised an average 55% late last month, and the government had moved electricity prices last week. Vice Minister of Finance Ahmed Kouchouk <a href=\"https:\/\/enterprise.press\/stories\/2017\/07\/04\/private-sector-hikes-prices-in-response-to-the-fuel-subsidy-cuts\/\">had projected inflation would rise 3-4.5%<\/a> as a result of the fuel hikes. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-07-06\/egypt-unexpectedly-raises-interest-rates-by-200-basis-points\">Bloomberg notes the IMF\u2019s hand<\/a> in this and last May\u2019s interest rate hike as well.<\/p>\n<p><strong>The measure is only temporary:<\/strong> The CBE added that the necessary measures will be taken to lower inflation to 13% by the end of next year, and that the bank envisages \u201ca measured easing of the monetary stance\u201d as soon as underlying inflation begins to slow. \"We expect the interest rate decision to be a temporary measure to target inflation,\" <a href=\"http:\/\/www.reuters.com\/article\/egypt-cenbank-rates-idUSL8N1JZ08D\">Vice Minister of Finance Mohamed Maait told Reuters<\/a>. \"We expect inflation to fall in early 2018 and thus (we can) begin cutting interest rates.\" Government sources have reiterated that the move was temporary in <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1159226\">statements to Al Masry Al Youm<\/a>.<\/p>\n<p><strong>Impact on the FY2017-18 budget: <\/strong>This latest rate hike, and the 200 bps hike from last May, were not taken into account in the FY2017-18, which parliament passed last week, said Maait. The interest on current and future debt was calculated at EGP 381 bn, Maait tells Reuters. He expected adjustments to that figure in the light of the change in borrowing costs. <a href=\"http:\/\/www.almalnews.com\/Story\/339257\/14\/%D9%A3%D9%A0-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D9%81%D9%89-%D8%B9%D8%AC%D8%B2-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A8%D8%B3%D8%A8%D8%A8-%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D9%81%D8%A7%D8%A6%D8%AF%D8%A9--\">Sources from the Finance Ministry tell Al Mal<\/a> that the latest hike could raise the budget deficit by another EGP 30 bn. The budget, which has yet to be ratified by President Abdel Fattah El Sisi, projects a budget deficit of EGP 370 bn.<\/p>\n<p><strong>\u201cThe impact of [Thursday\u2019s] hike would be diluted as banks are unlikely to pass it on to their deposit and savings rate,\u201d <\/strong>said CI Capital\u2019s Hany Farahat \u2014 the sole economist polled by Reuters and Bloomberg to predict the hike was coming. Banque Misr Chairman Mohamed El Etreby announced that his bank would hold interest rates on 20%-yielding deposit certificates, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1159593\">according to Al Masry Al Youm<\/a>. Top state-owned banks will await until their Alco (assets and liabilities committees) meetings this week to determine how they will move as a result of the hike, <a href=\"http:\/\/www.youm7.com\/story\/2017\/7\/6\/%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9%D8%A7%D8%AA-%D8%A8%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A7%D9%84%D8%A3%D8%B3%D8%A8%D9%88%D8%B9-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84-%D9%84%D8%A8%D8%AD%D8%AB-%D8%AA%D8%AD%D8%B1%D9%8A%D9%83-%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%B9%D9%84%D9%89-%D8%A7%D9%84%D9%88%D8%AF%D8%A7%D8%A6%D8%B9\/3314618\">Youm7 reports<\/a>. Farahat notes that the hikes will have a very minimal impact on inflation.<\/p>\n<p><strong>Egypt\u2019s business sector, still reeling from last May\u2019s 200 bps hike, denounced the move.<\/strong> \u201cThe [latest] interest rate hikes will have a negative impact on consumer prices in the coming period,\u201d said the head of the food industries division of the Federation of Egyptian Industries (FEI), Ashraf El Gazayerli. He <a href=\"http:\/\/www.almalnews.com\/Story\/339298\/14\/%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%BA%D8%B0%D8%A7%D8%A6%D9%8A%D8%A9--%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D9%81%D8%A7%D8%A6%D8%AF%D8%A9-%D9%8A%D8%B2%D9%8A%D8%AF-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%85%D9%86%D8%AA%D8%AC%D8%A7%D8%AA-%D9%88%D8%AA%D9%83%D9%84%D9%81%D8%A9-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1\">tells Al Mal<\/a> that raising borrowing costs will be passed on to the consumer. The interest rate increase \"will have a devastating impact on industry (in general) and the pharmaceutical sector,\" SEDICO Pharmaceutical Company CEO Hossam Aboul El Enein <a href=\"http:\/\/www.reuters.com\/article\/egypt-cenbank-rates-idUSL8N1JZ08D\">tells Reuters<\/a>. Top executives from Fancy Food, Spinney\u2019s Egypt, and Universal Group <a href=\"http:\/\/www.almalnews.com\/Story\/339372\/14\/%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A7%D9%84%D9%81%D8%A7%D8%A6%D8%AF%D8%A9-%D8%AA%D8%AF%D9%81%D8%B9-%D9%85%D8%B5%D8%A7%D9%86%D8%B9-%D9%84%D8%A5%D8%B1%D8%AC%D8%A7%D8%A1-%D8%AA%D9%88%D8%B3%D8%B9%D8%A7%D8%AA%D9%87%D8%A7\">also took to the pages of Al Mal<\/a> to raise their concerns about the interest rate hikes. Some are projecting inflation to rise 5-7% while others are saying that the move may lead to further cuts in CAPEX.<\/p>\n<p><strong>Banking sector heads who spoke up relayed a more positive message.<\/strong> National Bank of Egypt President Hisham Okasha defended the move, saying it was necessary to keep inflation resulting from the price increases in fuel and electricity at bay, <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1159230\">AMAY reports<\/a>. Other banking sector executives to come out praising the move include <a href=\"http:\/\/www.almasryalyoum.com\/news\/details\/1159832\">Emirates NBD\u2019s Deputy Managing Director Sahar El Damaty<\/a>, and <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=07072017&id=2256fca8-ef83-488a-bc20-2e6c74ba7a4d\">Suez Canal Bank president Hassan Refai<\/a>.<\/p>\n<p>Meanwhile, <strong>MPs of the Support Egypt Coalition are calling for an urgent party meeting to discuss the interest rate hikes and its impact on industry<\/strong>. They are also requesting that a special session to probe the hikes be taken, <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=08072017&id=fde5c562-527f-41c6-9ded-ea53a3affb4b\">Al Shorouk reports<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CBE\u2019s Monetary Policy Committee decided to raise interest rates by another 200 bps in its meeting last Thursday, marking the third such interest rate hike since the EGP float and a 700 bps increase in borrowing costs since then. The overnight deposit rate was raised to 18.75% from 16.75%, while the overnight lending rate [&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-644959","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e9768218-bae7-418c-ad8c-b3dec73bc7c9","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[644952],"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 raises interest rates 200 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\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE raises interest rates 200 bps\" \/>\n<meta property=\"og:description\" content=\"The CBE\u2019s Monetary Policy Committee decided to raise interest rates by another 200 bps in its meeting last Thursday, marking the third such interest rate hike since the EGP float and a 700 bps increase in borrowing costs since then. The overnight deposit rate was raised to 18.75% from 16.75%, while the overnight lending rate [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-09T04:24:33+00:00\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CBE raises interest rates 200 bps\",\"datePublished\":\"2017-07-09T04:24:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/\"},\"wordCount\":743,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/\",\"name\":\"CBE raises interest rates 200 bps - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2017-07-09T04:24:33+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CBE raises interest rates 200 bps\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"CBE raises interest rates 200 bps - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/","og_locale":"en_US","og_type":"article","og_title":"CBE raises interest rates 200 bps","og_description":"The CBE\u2019s Monetary Policy Committee decided to raise interest rates by another 200 bps in its meeting last Thursday, marking the third such interest rate hike since the EGP float and a 700 bps increase in borrowing costs since then. The overnight deposit rate was raised to 18.75% from 16.75%, while the overnight lending rate [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2017-07-09T04:24:33+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"CBE raises interest rates 200 bps","datePublished":"2017-07-09T04:24:33+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/"},"wordCount":743,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["EnterpriseAM","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/","url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/","name":"CBE raises interest rates 200 bps - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2017-07-09T04:24:33+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"CBE raises interest rates 200 bps"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":584039,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/cbe-to-raise-interest-rates-by-at-least-200-bps-this-week-poll\/","url_meta":{"origin":644959,"position":0},"title":"CBE to raise interest rates by at least 200 bps this week -poll","author":"enterpriseam admin","date":"26 March 2023","format":false,"excerpt":"Six of seven analysts see the CBE raising rates by at least 200 bps","rel":"","context":"In &quot;POLL&quot;","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/423.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578351,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/ending-the-year-on-a-big-note\/","url_meta":{"origin":644959,"position":1},"title":"Ending the year on a big note","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"CBE drives home jumbo 300 bps rate hike: The Central Bank of Egypt raised interest rates by 300 bps on Thursday \u2014 its biggest rate hike since 2016, before floating the EGP \u2014 as it looks to clamp down on rising inflationary pressures. The Monetary Policy Committee (MPC) hiked the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/513.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544742,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/20\/cbe-to-raise-interest-rates-this-week-poll\/","url_meta":{"origin":644959,"position":2},"title":"CBE to raise interest rates this week -poll","author":"enterpriseam admin","date":"20 March 2022","format":false,"excerpt":"The Central Bank of Egypt will likely raise interest rates for the first time in 16 months when it meets this Thursday, a move that the majority of analysts and economists we polled see as significant to curb inflation that has been pushed to a three-year high by the war\u2026","rel":"","context":"In &quot;POLL&quot;","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/243.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586546,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/14\/cbe-to-keep-rates-unchanged-on-slower-april-inflation-poll\/","url_meta":{"origin":644959,"position":3},"title":"CBE to keep rates unchanged on slower April inflation -poll","author":"enterpriseam admin","date":"14 May 2023","format":false,"excerpt":"Seven of nine analysts expect rates to be held steady","rel":"","context":"In &quot;POLL&quot;","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/704.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":644959,"position":4},"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. 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