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. source: Central Bank of Egypt

Interest Rate in Egypt averaged 11.73 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 March 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
2022-10-27 06:30 AM 13.25% 11.25%
2022-12-22 05:15 PM 16.25% 13.25% 14.5% 15.25%
2023-02-02 06:25 PM 16.25% 16.25% 17.75% 17.75%
2023-03-30 05:30 PM 16.25% 18.25%
2023-05-18 05:30 PM
2023-06-22 05:30 PM


Related Last Previous Unit Reference
Interest Rate 16.25 16.25 percent Feb 2023
Interbank Rate 16.29 16.29 percent Mar 2023
Money Supply M0 1476077.00 1526007.00 EGP Million Feb 2023
Money Supply M1 1669797.00 1739622.00 EGP Million Jan 2023
Money Supply M2 7737106.00 7402740.00 EGP Million Jan 2023
Foreign Exchange Reserves 34352.00 34224.00 USD Million Feb 2023
Banks Balance Sheet 10037071.00 7948115.00 EGP Million Jun 2022
Loans to Private Sector 1765507.00 1661110.00 EGP Million Jan 2023
Lending Rate 17.25 17.25 percent Feb 2023
Central Bank Balance Sheet 12010126.00 11662973.00 EGP Million Nov 2022

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
16.25 16.25 21.40 8.25 1991 - 2023 percent Daily

News Stream
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
Egypt Hikes Interest Rate by More than Expected
The Central Bank of Egypt raised its key overnight deposit rate by 300bps to 16.25% in its December 2022 meeting, well above market expectations of a 100bps rate increase and adding to the 800bps in interest rate increases since the start of the bank’s tightening cycle in March. The central bank noted that major monetary authorities expect inflation to ease next year and that commodity prices have dropped more than their previous forecasts believed. Still, policymakers underscored that many upside risks on global commodity price levels persist and that growth in the Egyptian economy has already pointed to a solid recovery, paving the need for tighter monetary policy. In accordance, the CBE set its inflation target to reach the 5%-9% range by the fourth quarter of 2022. According to the latest data, inflation in Egypt stands at a five-year high of 18.7%. In the meantime, the central bank also raised its overnight lending rate by 300bps to 17.25%.
2022-12-22
Egypt Raises Key Rate to 13.25%
The Central Bank of Egypt lifted its key overnight deposit rate by 200 bps to 13.25% during an exceptional meeting on October 27th, 2022, in order to anchor inflation expectations and, thus, ensure price stability over the medium term. Policymakers said that elevated global and domestic prices are expected to keep headline inflation above the preannounced target of 7% (±2 percentage points) on average in 2022 Q4. The annual urban inflation rate in Egypt accelerated to a near four-year high of 15% in September from 14.6% in August, above market expectations of 14.7%. Meanwhile, the bank said it was moving to a more flexible currency regime as the country gets closer to an agreement with the International Monetary Fund for a new loan. The central bank set the overnight lending rate at 14.25% and the overnight deposit rate at 13.25%. The discount rate was also raised by 200 basis points to 13.75%.
2022-10-27