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 9.25 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 Monday, January 26, 2015.


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.

Key interest rate was last changed in July 2014, when the Committee raised it by 100 basis points to curb inflationary pressures resulting from a cut in subsidies on fuel and electricity.

The overnight lending rate, the discount rate and the rate of the CBE’s main operation were also cut by 50 bps to 9.75 percent, 9.25 percent and 9.25 percent, respectively.

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

Headline CPI decelerated by 1.53 percent (m/m) and 0.07 percent (m/m) in November and December, respectively. This brought the annual inflation rates to 9.09 percent in November then to 10.13 percent in December due to an unfavorable base effect. The monthly developments came broadly on the back of the seasonal deceleration in the prices of fruits and vegetables coupled with the decline in the prices of other food items supported by the decrease in international prices. On the other hand, core CPI inched up by 0.3 percent (m/m) in December after declining by 0.15 percent (m/m) in November. The annual rate continued to ease registering 7.69 percent in December following 7.81 in November. Upside risks from imported inflation continue to be contained on the back of lower oil prices and the consequent 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.

In light of recent global developments and the reassessment of risks surrounding the inflation outlook and domestic GDP, the MPC decided to cut the key CBE rates.


Central Bank of Egypt | Carolina Cunha | carolina.cunha@tradingeconomics.com
1/15/2015 9:37:33 PM


Recent Releases

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-10-16 04:20 PM
Interest Rate Decision 
9.25% 9.25% 9.25% 9.25%
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%
2015-02-27 03:15 PM
Interest Rate Decision 
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%


Egypt Money Last Previous Highest Lowest Unit
Interest Rate 8.75 9.25 21.40 8.25 percent [+]
Money Supply M0 362920.00 363202.00 374619.00 68043.00 EGP Million [+]
Money Supply M1 434117.00 431396.00 434117.00 33680.00 EGP Million [+]
Money Supply M2 1572942.00 1560327.00 1572942.00 161125.00 EGP Million [+]
Foreign Exchange Reserves 15356.00 15905.00 36038.00 13448.00 USD Million [+]
Loans to Private Sector 156875.00 156363.00 156875.00 37957.00 EGP Million [+]
Banks Balance Sheet 1563849.10 1366159.61 1563849.10 156312.00 EGP Million [+]
Central Bank Balance Sheet 1938425.00 1898169.00 1938425.00 1198240.00 EGP Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.50 Dec/14 2.50 17.50 2.50 percent [+]
Brazil 12.25 Jan/15 11.75 45.00 7.25 percent [+]
Canada 0.75 Jan/15 1.00 16.00 0.25 percent [+]
China 5.60 Dec/14 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Jan/15 0.05 4.75 0.05 percent [+]
France 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jan/15 0.05 4.75 0.05 percent [+]
India 7.75 Jan/15 8.00 14.50 4.25 percent [+]
Indonesia 7.75 Jan/15 7.75 12.75 5.75 percent [+]
Italy 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jan/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Dec/14 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Russia 17.00 Dec/14 9.50 17.00 5.00 percent [+]
South Korea 2.00 Jan/15 2.00 5.25 2.00 percent [+]
Spain 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jan/15 -0.25 3.50 -0.75 percent [+]
Turkey 7.75 Jan/15 8.25 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Dec/14 0.25 20.00 0.25 percent [+]