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.

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Egypt Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
9.25 9.25 21.40 8.25 1991 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-02-20 07:30 PM 12.25% 12.25% 12.25% 12.25%
2020-03-16 04:00 PM 9.25% 12.25%
2020-04-02 04:00 PM 9.25% 9.25% 9.25% 9.25%
2020-05-14 02:15 PM 9.25% 9.25% 9.25% 9.25%
2020-06-25 05:00 PM 9.25% 8%
2020-08-13 05:00 PM 6.75%
2020-09-24 05:00 PM 6.75%
2020-11-12 05:00 PM 6.75%


News Stream
Egypt Holds Key Interest Rate Steady at 9.25%
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.
2020-05-14
Egypt Holds Key Interest Rate at 9.25%
The Central Bank of Egypt kept its overnight deposit rate at 9.25% during its regular meeting in April of 2020, as it would assess the impact of an emergency 300 bps cut two weeks ago as well as several measures to soften the economic effects of the coronavirus outbreak. Policymakers said that the decision remains consistent with achieving the inflation target of 9% (±3%) in Q4 2020 and price stability over the medium term. The Committee pointed to several downside risks to both inflation and economic growth in the coming months, including the coronavirus outbreak and lower oil prices. The overnight lending rate also remained unchanged at 10.25%.
2020-04-02
Egypt Cuts Interest Rates by 300bps
The Central Bank of Egypt slashed its overnight deposit rate by 300bps to 9.25 percent during an unscheduled meeting on March 16th, bringing borrowing costs to the lowest level since early 2016. The overnight lending rate was also lowered by the same margin to 10.25 percent. The dramatic move came amid policymakers' efforts to support the economy in the wake of the COVID-19 outbreak, and as the inflation outlook remains consistent with achieving the inflation target of 9 percent (±3 percentage points) in 2020 Q4. The central bank also pledged to adjust its stance again if necessary as the economy is particularly vulnerable to the virus crisis due to its large tourism sector.
2020-03-16
Egypt Leaves Monetary Policy Unchanged
The Central Bank of Egypt held its overnight deposit rate at 12.25 percent during its February meeting, as widely expected. Policymakers said that the decision is consistent with achieving the inflation target of 9 percent (±3 percent) in the last quarter of 2020 and supporting the disinflation path over the medium-term. The Committee noted that disruptions to global economic activity following the recent coronavirus outbreak could weigh on the economic outlook. Policymakers added that they will continue to closely monitor economic developments and will take actions if necessary. The overnight lending rate and the discount rate were also kept steady at 13.25% and 12.75%, respectively.
2020-02-20

Egypt Interest Rate
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.