The Central Bank of Egypt kept its key overnight deposit rate steady at an over five year-high of 18.25% on May 18th 2023, as expected, after raising it by 200 bps in March. The Committee said it continues to assess the impact of the cumulative policy rate hikes of 1000 bps since March 2022 in addition to the 400 bps increase in the required reserve ratio in September 2022, to contain inflationary pressures. Policymakers noted that headline inflation eased for the first time in 10 months in April, to 30.6%, after several rises that culminated in a nearly 6-year peak of 32.7% in March. Regarding activity, the Bank reported that the economy posted a 3.9% year-on-year expansion in Q4 of the 2022 calendar year, slightly below Q3’s 4.4% growth, indicating that growth during the first half of fiscal year 2022/23 registered 4.2%. Going forward, real GDP growth is expected to slow down in the fiscal year 2022/23 compared to the previous fiscal year, before recovering thereafter. source: Central Bank of Egypt

Interest Rate in Egypt averaged 11.78 percent from 1991 until 2023, 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 June of 2023.

Interest Rate in Egypt is expected to be 18.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Egypt Interest Rate is projected to trend around 16.50 percent in 2024 and 13.50 percent in 2025, according to our econometric models.

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Egypt Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-02-02 06:25 PM 16.25% 16.25% 17.75% 17.75%
2023-03-30 04:50 PM 18.25% 16.25% 18.25%
2023-05-18 05:00 PM 18.25% 18.25% 18.25% 18.25%
2023-06-22 05:30 PM 18.25%
2023-08-03 05:30 PM
2023-09-21 05:30 PM


Related Last Previous Unit Reference
Interest Rate 18.25 18.25 percent May 2023
Interbank Rate 16.37 16.37 percent Jun 2023
Money Supply M1 1904572.00 1844953.00 EGP Million Apr 2023
Money Supply M0 1559393.00 1502414.00 EGP Million Apr 2023
Money Supply M2 8069150.00 7965088.00 EGP Million Apr 2023
Foreign Exchange Reserves 34660.00 34551.00 USD Million May 2023
Banks Balance Sheet 10037071.00 7948115.00 EGP Million Jun 2022
Loans to Private Sector 1841567.00 1819342.00 EGP Million Apr 2023
Lending Rate 19.25 19.25 percent May 2023
Central Bank Balance Sheet 12780258.00 12409447.00 EGP Million Feb 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
18.25 18.25 21.40 8.25 1991 - 2023 percent Daily

News Stream
Egypt Holds Key Rate Steady at Over 5-Year High of 18.25%
The Central Bank of Egypt kept its key overnight deposit rate steady at an over five year-high of 18.25% on May 18th 2023, as expected, after raising it by 200 bps in March. The Committee said it continues to assess the impact of the cumulative policy rate hikes of 1000 bps since March 2022 in addition to the 400 bps increase in the required reserve ratio in September 2022, to contain inflationary pressures. Policymakers noted that headline inflation eased for the first time in 10 months in April, to 30.6%, after several rises that culminated in a nearly 6-year peak of 32.7% in March. Regarding activity, the Bank reported that the economy posted a 3.9% year-on-year expansion in Q4 of the 2022 calendar year, slightly below Q3’s 4.4% growth, indicating that growth during the first half of fiscal year 2022/23 registered 4.2%. Going forward, real GDP growth is expected to slow down in the fiscal year 2022/23 compared to the previous fiscal year, before recovering thereafter.
2023-05-18
Egypt Raises Key Rate by 200bps
The Central Bank of Egypt raised its key overnight deposit rate by 200bps to 18.25% in its March 2023 meeting, in line with market estimates, and adding to the 10 percentage points in interest rate hikes since the start of the bank’s tightening cycle in March 2022. The Monetary Policy Committee stressed that higher borrowing costs are necessary to tame high inflation forecasts, despite moderating real economic activity. Headline inflation rose to a record-high 31.9% in February, while the core reading rose to a record high of 40.3%. Meanwhile, the CBE maintained the current inflation targets of 7% by the fourth quarter of 2024 and 5% by the fourth quarter of 2026, which were set in December. The move also aims to alleviate pressure on the Egyptian pound amid the country’s currency crisis, as the spread between the black market and official rates continues to widen due to the speculation of a fourth currency devaluation since last March.
2023-03-30
Egypt Unexpectedly Holds Rates Unchanged
The Central Bank of Egypt held its key overnight deposit rate unchanged at 16.25% in its February 2023 meeting, surprising market expectations of a 100bps increase after the 800bps in interest rate hikes since the start of the bank’s tightening cycle in March 2022. The meeting followed a larger-than-expected 300bps hike in December and announced a new inflation target of 5%-9% by the fourth quarter of 2024. The move extended pressure on the Egyptian pound, which sank to a record-low of 30.2 per USD after the central bank mandated a more flexible exchange rate regime earlier in the month to meet terms of a USD 3 billion IMF support package.
2023-02-02