Egypt Interest Rate 1991-2014 | Data | Chart | Calendar | Forecast | News

The benchmark interest rate in Egypt was last recorded at 9.25 percent. Interest Rate in Egypt averaged 11.51 Percent from 1991 until 2014, 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.

   
 
 

Egypt Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
9.25 9.25 21.40 8.25 1991 - 2014 Percent Daily
In Egypt, decisions on interest rates are made 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 Thursday, October 23, 2014.


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.

The rate of the CBE's main operation and the discount rate were kept constant at 9.75 percent, respectively.

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

While higher than anticipated indirect and second round effects resulting from the July 2014 regulated price adjustments pose an upside risk to the inflation outlook, upside risks from imported inflation continue to be contained on the back of lower international food price forecasts in light of global developments.

Meanwhile, real GDP picked up significantly in 2013/2014 Q4, growing by 3.70 percent compared to 2.50 percent, 1.44 percent and 1.04 percent recorded in Q3, Q2 and Q1, respectively. The expansion in economic activity during 2013/2014 Q4 came on the back of the acceleration in manufacturing and real estate activities, along with a moderate growth in the construction sector. This occurred despite the continued contraction witnessed in the tourism and petroleum sectors. In the meantime, investment continues to be below historical levels despite the relative improvement witnessed in the annual growth rate during 2013/2014 Q3 and Q4, following six quarters of contraction.

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 to anchor inflation expectations and limit a generalized price increase given the balance of risks surrounding the inflation and GDP outlooks.

Central Bank of Egypt | Ricardo Martins | ricardo.martins@tradingeconomics.com
10/16/2014 5:48:34 PM


Recent Releases

Egypt Leaves Monetary Policy Unchanged
At its September 1st, 2014 meeting, Egypt's Central Bank decided to hold the overnight deposit rate steady at 9.25 percent, as policymakers consider the current policy stance to be appropriate to anchor inflation expectations. Last meeting, the central bank rose key rates by 100 bps. Published on 2014-09-01

Central Bank of Egypt Raises Rates
At its meeting held on July 17th, the Monetary Policy Committee decided to raise the benchmark interest rate by 100 bps to 9.25 percent, aiming to curb inflationary pressures, following a cut in subsidies on fuel and electricity. Published on 2014-07-17


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-05-29 03:00 PM Egypt
Interest Rate Decision
8.25% 8.25% 8.25%
2014-07-17 03:00 PM Egypt
Interest Rate Decision
9.25% 8.25% 8.25% 8.25%
2014-09-01 03:50 PM Egypt
Interest Rate Decision
9.25% 9.25% 9.25% 9.25%
2014-10-16 04:20 PM Egypt
Interest Rate Decision
9.25% 9.25% 9.25% 9.25%
2014-11-27 04:30 PM Egypt
Interest Rate Decision
9.75%


Egypt Money Last Previous Highest Lowest Unit
Interest Rate 9.25 9.25 21.40 8.25 Percent [+]
Money Supply M0 370585.00 364473.00 370585.00 68043.00 EGP Million [+]
Money Supply M1 410548.00 401252.00 410548.00 33680.00 EGP Million [+]
Money Supply M2 1516591.00 1484420.00 1516591.00 161125.00 EGP Million [+]
Foreign Exchange Reserves 16872.00 16836.00 36038.00 13448.00 USD Million [+]
Loans to Private Sector 145300.00 142580.00 145300.00 37957.00 EGP Million [+]
Banks Balance Sheet 1563849.10 1366159.61 1563849.10 156312.00 EGP Million [+]
Central Bank Balance Sheet 1816873.00 1837662.00 1837662.00 1198240.00 EGP Million [+]