The central bank of Egypt unexpectedly raised its key overnight deposit rate by 200bps to 11.25% in its May 19th meeting. It is the second increase in borrowing costs since March as the country aims to tackle soaring inflation and restore the allure of its local debt with foreign investors amid a global wave of monetary tightening. Consumer-price growth in the North African nation surged to 13.1% in April, the highest level in almost three years as food costs spiked due to the war in Ukraine. A major food importer, Egypt is racing to deal with record grain prices fueled by the conflict. The Monetary Policy Committee reiterated that the path of future policy rates remains a function of inflation expectations, rather than of prevailing inflation rates. The overnight lending rate was also increased to 12.25% from 10.25%. source: Central Bank of Egypt
Interest Rate in Egypt averaged 11.71 percent from 1991 until 2022, 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 2022.
Interest Rate in Egypt is expected to be 13.00 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 12.00 percent in 2023 and 10.00 percent in 2024, according to our econometric models.