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.