The Central Bank of Egypt unexpectedly cut its key overnight deposit rate by 50 bps to 8.25 percent during its November meeting, surprising markets that expected no changes. The move follows a similar margin cut on September 24th and brings borrowing costs to its lowest level since 2014. Policymakers noted that the annual inflation rate rose to 4.5% in October mainly driven by the cost of food. The Committee said that the outlook for inflation in the last quarter of 2020 is estimated to be in the low single digits range, with an increased likelihood of coming under the target floor of 6%. Policymakers added that the decision to cut rates provides appropriate support to economic activity while remaining consistent with price stability over the medium term. The Committee said it will closely monitor all economic developments and will not hesitate to utilize all available tools to support the recovery of economic activity, within its price stability mandate. source: Central Bank of Egypt

Interest Rate in Egypt averaged 11.87 percent from 1991 until 2020, 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 2020.

Interest Rate in Egypt is expected to be 8.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Egypt to stand at 7.25 in 12 months time. In the long-term, the Egypt Interest Rate is projected to trend around 7.25 percent in 2021 and 6.75 percent in 2022, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
width
height
 Preview
Egypt Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
8.25 8.75 21.40 8.25 1991 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-06-25 04:00 PM 9.25% 9.25% 9.25% 9.25%
2020-08-13 05:20 PM 9.25% 9.25% 9.25% 9.25%
2020-09-24 08:30 PM 8.75% 9.25% 9.25%
2020-11-12 05:30 PM 8.25% 8.75% 8.75% 8.75%
2020-12-24 05:00 PM 8.25% 8.25%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Egypt Unexpectedly Cuts Key Interest Rate to 8.25%
The Central Bank of Egypt unexpectedly cut its key overnight deposit rate by 50 bps to 8.25 percent during its November meeting, surprising markets that expected no changes. The move follows a similar margin cut on September 24th and brings borrowing costs to its lowest level since 2014. Policymakers noted that the annual inflation rate rose to 4.5% in October mainly driven by the cost of food. The Committee said that the outlook for inflation in the last quarter of 2020 is estimated to be in the low single digits range, with an increased likelihood of coming under the target floor of 6%. Policymakers added that the decision to cut rates provides appropriate support to economic activity while remaining consistent with price stability over the medium term. The Committee said it will closely monitor all economic developments and will not hesitate to utilize all available tools to support the recovery of economic activity, within its price stability mandate.
2020-11-12
Egypt Cuts Key Interest Rate to 8.75%
The Central Bank of Egypt lowered its key overnight deposit rate by 50 bps to 8.75 percent during its September meeting, bringing borrowing costs to its lowest since November of 2015. In August, headline inflation eased to a ten-month low of 3.4 percent from 4.2 percent in July, well below the bank's target range of 6 percent. Meantime, the unemployment rate was 9.6 percent in Q2 2020 up from 7.7 percent in the previous period, highlighting the impact of the coronavirus outbreak on the labour market. The overnight lending rate and the discount rate were also cut by 50 bps to 9.75 percent and 9.25 percent, respectively.
2020-09-24
Egypt Keep Interest Rates Unchanged
The Central Bank of Egypt left its overnight deposit rate steady at 9.25% during its regular meeting in August of 2020, as widely expected. Policymakers kept interest rates steady despite inflation plunging to an eight-month low in July and an economic slowdown caused by the coronavirus pandemic.
2020-08-13
Egypt Keep Interest Rates Unchanged
The Central Bank of Egypt left its overnight deposit rate steady at 9.25% during its regular meeting in June of 2020, as widely expected. Policymakers said that the decision is consistent with achieving the inflation target rate of 9% (+/- 3%) in the last quarter of 2020 and price stability over the medium term. The annual inflation hit a six-month low of 4.7% in May, amid lower food prices supported by favorable base effects stemming mainly from Ramadan and Eid-Al-Fitr being in May in 2019 compared to April and May in 2020. The Committee also noted that economic growth slowed to a preliminary 5% in Q1 of 2020 from 5.6% in the previous period, as activity in March was partly affected by the Covid-19 and the resulting containment measures. Still, the recently announced gradual easing of lockdown measures is expected to support the recovery of economic activity. The overnight lending rate and the discount rate were also kept steady at 10.25% and 9.75%, respectively.
2020-06-25

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.