Egypt Interest Rate 1991-2015 | Data | Chart | Calendar | Forecast | News

The benchmark interest rate in Egypt was last recorded at 8.75 percent. Interest Rate in Egypt averaged 11.49 percent from 1991 until 2015, reaching an all time high of 21.40 percent in October of 1991 and a record low of 8.25 percent in September of 2009. Interest Rate in Egypt is reported by the Central Bank of Egypt.

      Forecast    
Egypt Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
8.75 8.75 21.40 8.25 1991 - 2015 percent Daily
In Egypt, interest rate decisions are taken by the Central Bank of Egypt (CBE). The Central Bank of Egypt official interest rate is the overnight deposit rate. The CBE is committed to achieving, over the medium term, low rates of inflation which it believes are essential for maintaining confidence and for sustaining high rates of investment and economic growth. This page provides - Egypt Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Egypt Interest Rate - was last refreshed on Friday, March 27, 2015.


Egypt Leaves Monetary Policy Unchanged


The Central Bank of Egypt kept its benchmark overnight deposit rate unchanged at 8.75 percent at its February 26th meeting, after cutting it by 50 bps last month, in an attempt to stimulate the economy while controlling the inflation.

The overnight lending rate, the discount rate and the rate of the CBE’s main operation were also left on hold at 9.75 percent, 9.25 percent and 9.25 percent, respectively.

Excerpts from the press release by the Central Bank of Egypt:

Headline CPI increased by 0.99 percent (m/m) in January compared to a decline of 0.07 percent (m/m) in December. The annual rate declined to 9.66 percent in January from 10.13 percent in December, supported by the favorable base effect from last year. The bulk of the monthly developments came on the back of the administered price adjustments and supply bottlenecks related to the distribution of butane cylinders. On the other hand, core CPI increased by 0.52 percent in January compared to 0.3 percent in December. The annual rate continued to ease registering 7.06 percent in January following 7.69 percent in December. Upside risks on the inflation outlook from domestic supply shocks are largely mitigated by contained imported inflation, against the background of lower oil prices and the consequent downward revision in international food price forecasts. 

Meanwhile, real GDP jumped significantly in 2014/15 Q1, registering at 6.8 percent the highest annual growth rate since 2007/08 Q4. This comes after the 2013/14 fiscal year real GDP growth rate recorded 2.2 percent. Notwithstanding the support stemming from the base effect, the expansion in economic activity during 2014/2015 Q1 came on the back of the continuous growth in the manufacturing sector and the expansion of tourism activities after several quarters of contraction. This came despite the continuous weakness in the extraction sector. In the meantime, investment continued to improve for the third consecutive quarter. Looking ahead, while investments in domestic mega projects such as the Suez Canal are expected to contribute to economic growth, the downside risks that surround the global recovery on the back of challenges facing the Euro Area and the softening growth in emerging markets could pose downside risks to domestic GDP.

At this juncture, the MPC judges that the key CBE rates are currently appropriate given the balance of risks surrounding the inflation and GDP outlooks. 

The MPC will continue to closely monitor all economic developments and will not hesitate to adjust the key CBE rates to ensure price stability over the medium-term.

Central Bank of Egypt | Carolina Cunha | carolina.cunha@tradingeconomics.com
2/27/2015 12:32:31 PM


Recent Releases

Central Bank of Egypt Surprisingly Cuts Rates
The Central Bank of Egypt cut its benchmark overnight deposit rate by 50 basis points to 8.75 percent at its January 15th meeting, amid inflationary and growth risks. Published on 2015-01-15

Egypt Leaves Monetary Policy Unchanged
The Central Bank of Egypt decided to keep its benchmark overnight deposit rate unchanged at 9.25 percent on November 27th. The overnight lending rate was also left on hold at 10.25 percent. Published on 2014-11-27


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-11-27 03:00 PM
Interest Rate Decision 
9.25% 9.25% 9.25% 9.25%
2015-01-15 04:30 PM
Interest Rate Decision 
8.75% 9.25% 9.25% 9.25%
2015-02-26 04:00 PM
Interest Rate Decision 
8.75% 8.75% 8.5%
2015-04-28 04:30 PM
Interest Rate Decision 
8.5%
2015-05-29 03:00 PM
Interest Rate Decision 
8.25%
2015-07-17 03:00 PM
Interest Rate Decision 
8.5%


Egypt Money Last Previous Highest Lowest Unit
Interest Rate 8.75 8.75 21.40 8.25 percent [+]
Money Supply M0 364271.00 372158.00 374619.00 68043.00 EGP Million [+]
Money Supply M1 447187.00 445732.00 447187.00 33680.00 EGP Million [+]
Money Supply M2 1627552.00 1606499.00 1627552.00 161125.00 EGP Million [+]
Foreign Exchange Reserves 15477.00 15452.00 36038.00 13448.00 USD Million [+]
Loans to Private Sector 159901.00 159210.00 159901.00 37957.00 EGP Million [+]
Banks Balance Sheet 1563849.10 1366159.61 1563849.10 156312.00 EGP Million [+]
Central Bank Balance Sheet 1968380.00 1980695.00 1980695.00 1198240.00 EGP Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Mar/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Mar/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Mar/15 0.05 4.75 0.05 percent [+]
France 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Mar/15 0.05 4.75 0.05 percent [+]
India 7.50 Mar/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Mar/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Mar/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Mar/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Russia 14.00 Mar/15 15.00 17.00 5.00 percent [+]
South Korea 1.75 Mar/15 2.00 5.25 1.75 percent [+]
Spain 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Mar/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Mar/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Mar/15 0.50 17.00 0.50 percent [+]
United States 0.25 Mar/15 0.25 20.00 0.25 percent [+]