The Central Bank of Egypt lowered its key overnight deposit rate by 50 bps to 8.75 percent during its September meeting, bringing borrowing costs to its lowest since November of 2015. In August, headline inflation eased to a ten-month low of 3.4 percent from 4.2 percent in July, well below the bank's target of 6 percent. Meantime, the unemployment rate was 9.6 percent in Q2 2020 up from 7.7 percent in the previous period, highlighting the impact of the coronavirus outbreak on the labour market. The overnight lending rate and the discount rate were also cut by 50 bps to 9.75 percent and 9.25 percent, respectively.
Interest Rate in Egypt averaged 11.88 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 October of 2020. source: Central Bank of Egypt
Interest Rate in Egypt is expected to be 9.25 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 8.25 in 12 months time. In the long-term, the Egypt Interest Rate is projected to trend around 7.25 percent in 2021 and 6.75 percent in 2022, according to our econometric models.