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 11.45 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.

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Egypt Interest Rate
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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, July 3, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-02-26 04:00 PM 8.75% 8.75% 8.5%
2015-04-23 05:00 PM 8.75% 8.75% 8.75% 8.75%
2015-06-11 04:30 PM 8.75% 8.75% 8.75% 8.75%
2015-07-17 03:00 PM 8.75% 8.75%
2015-09-01 03:50 PM 9%
2015-10-16 04:20 PM 9%


Egypt Leaves Rates on Hold


The Central Bank of Egypt kept its benchmark overnight deposit rate unchanged at 8.75 percent on April 23rd.

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

Key interest rate was unexpectedly lowered in January, amid inflationary pressure after the government cut subsidies last year. The inflation rate has been on an upward trend since then, reaching 11.5 percent in March, the highest in five months.

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

Headline CPI increased by 1.55 percent (m/m) in March compared to an increase of 1.86 percent in February, while the annual rate increased to 11.51 percent in March from 10.56 percent in February. The bulk of the monthly developments was driven by the upward adjustments in administered prices, particularly tobacco, in addition to supply bottlenecks related to the distribution of butane cylinders. This was coupled with increases in the prices of volatile food items. On the other hand, core CPI increased by 0.76 percent in March compared to 1.10 percent in February, while the annual rate inched up to 7.21 percent in March after registering 7.15 percent in February. Consequently, upward adjustments in administered prices and increases in the prices of volatile food items have recently widened the divergence between the headline and core inflation rates. 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 revision in international food price forecasts.

Meanwhile, real GDP grew by 4.3 percent (y/y) in 2014/15 Q2 to record 5.6 percent (y/y) in the first half of the fiscal year, supported by the record growth witnessed in the first quarter. This comes after the 2013/14 fiscal year real GDP growth recorded 2.2 percent (y/y). The expansion in economic activity during 2014/2015 Q2 came on the back of the continued growth in the manufacturing sector and the expansion of tourism activities for the second consecutive quarter after several quarters of contraction. This came despite the continuous weakness in the extraction sector. In the meantime, while the widening trade deficit is stalling real GDP growth, investment remained positive for the fourth 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 | Joana Ferreira | joana.ferreira@tradingeconomics.com
4/24/2015 9:18:50 AM


Recent Releases

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.
Published on 2015-02-27

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

Egypt Leaves Rates on Hold
At its October 16th, 2014 meeting, the Central Bank of Egypt decided to hold its benchmark overnight deposit rate unchanged at 9.25 percent, saying that the current policy stance is appropriate to anchor inflation expectations and limit a generalized price increase. The overnight lending rate was also left on hold at 10.25 percent.
Published on 2014-10-16


Egypt Money Last Previous Highest Lowest Unit
Interest Rate 8.75 8.75 21.40 8.25 percent [+]
Money Supply M0 400057.00 384648.00 400057.00 68043.00 EGP Million [+]
Money Supply M1 465730.00 459135.00 465730.00 33680.00 EGP Million [+]
Money Supply M2 1700418.00 1682552.00 1700418.00 161125.00 EGP Million [+]
Foreign Exchange Reserves 19582.00 20525.00 36038.00 13448.00 USD Million [+]
Loans to Private Sector 436009.00 428096.00 436009.00 221295.00 EGP Million [+]
Banks Balance Sheet 1563849.10 1366159.61 1563849.10 156312.00 EGP Million [+]
Central Bank Balance Sheet 2154833.00 2080370.00 2154833.00 1198240.00 EGP Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jun/15 2.00 17.50 2.00 percent [+]
Brazil 13.75 Jun/15 13.25 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jun/15 0.75 4.75 0.05 percent [+]
France 0.05 Jun/15 0.75 4.75 0.05 percent [+]
Germany 0.05 Jun/15 0.75 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jun/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Jun/15 0.75 4.75 0.05 percent [+]
Japan 0.00 Jun/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jun/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jun/15 0.75 4.75 0.05 percent [+]
Russia 11.50 Jun/15 12.50 17.00 5.00 percent [+]
South Korea 1.50 Jun/15 1.75 5.25 1.50 percent [+]
Spain 0.05 Jun/15 0.75 4.75 0.05 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jun/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jun/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jun/15 0.25 20.00 0.25 percent [+]