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.