The Central Bank of Egypt raised its key overnight deposit rate by 300bps to 16.25% in its December 2022 meeting, well above market expectations of a 100bps rate increase and adding to the 800bps in interest rate increases since the start of the bank’s tightening cycle in March. The central bank noted that major monetary authorities expect inflation to ease next year and that commodity prices have dropped more than their previous forecasts believed. Still, policymakers underscored that many upside risks on global commodity price levels persist and that growth in the Egyptian economy has already pointed to a solid recovery, paving the need for tighter monetary policy. In accordance, the CBE set its inflation target to reach the 5%-9% range by the fourth quarter of 2022. According to the latest data, inflation in Egypt stands at a five-year high of 18.7%. In the meantime, the central bank also raised its overnight lending rate by 300bps to 17.25%. 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 January of 2023.
Interest Rate in Egypt is expected to be 16.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.