The Central Bank of Egypt left its overnight deposit rate unchanged at 9.25% during its regular meeting in May of 2020, mentioning an uptick in headline inflation and an expected slowdown in growth due to the coronavirus crisis. Policymakers said the decision was consistent with achieving the inflation target of 9% (±3 percentage points) in 2020 Q4 and price stability over the medium term. The annual inflation rose to 5.9% in April from 5.1% in March, mainly pushed up by food prices, amid a combination of an unfavorable base effect linked to the Covid-19 pandemic as well as a stronger seasonal factor due to Ramadan. The Committee also disclosed that real economic growth continued to stabilize around 5.6% in the last quarter of 2019 driven by consumption. Meanwhile, short-term indicators pointed to a slowdown in economic activity in March and April. The overnight lending rate and the discount rate were also kept steady at 10.25% and 9.75%, respectively.
Interest Rate in Egypt averaged 11.91 percent from 1991 until 2020, 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. This page provides - Egypt Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Egypt Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Central Bank of Egypt
Interest Rate in Egypt is expected to be 8.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Egypt to stand at 6.75 in 12 months time. In the long-term, the Egypt Interest Rate is projected to trend around 7.00 percent in 2021 and 7.50 percent in 2022, according to our econometric models.