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%. source: Central Bank of Egypt
Interest Rate in Egypt averaged 11.69 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 December of 2022.
Interest Rate in Egypt is expected to be 13.25 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 14.75 percent in 2023 and 13.50 percent in 2024, according to our econometric models.