By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International
    March 28, 2023
    Australian government strikes deal on climate policy
    Australian government strikes deal on climate policy
    March 28, 2023
    EGX signs MoU to expand scope of regional climate action
    EGX signs MoU to expand scope of regional climate action
    March 28, 2023
    Gold prices drop 1% globally due to measure to contain SVB crisis: Gold Bullion
    Gold prices drop 1% globally due to measure to contain SVB crisis: Gold Bullion
    March 28, 2023
    3.388 million tonnes of fodder worth $1.671bn released from ports in last 6 months: Agriculture Minister
    3.388 million tonnes of fodder worth $1.671bn released from ports in last 6 months: Agriculture Minister
    March 28, 2023
  • Politics
    PoliticsShow More
    Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
    Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
    March 28, 2023
    Kenyan police clash with anti-government protesters
    Kenyan police clash with anti-government protesters
    March 28, 2023
    Russia to stay in World Trade Organization: Russian diplomat
    Russia to stay in World Trade Organization: Russian diplomat
    March 28, 2023
    Israeli PM calls for calm amid turmoil over government's judicial overhaul
    Israeli PM calls for calm amid turmoil over government’s judicial overhaul
    March 28, 2023
    Libyan parties agree to unify all state institutions: UN
    Libyan parties agree to unify all state institutions: UN
    March 28, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt’s central bank leaves interest rates on hold
Share
Notification
Latest News
EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International
Business
Australian government strikes deal on climate policy
Australian government strikes deal on climate policy
Business
Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
World Politics
Kenyan police clash with anti-government protesters
Kenyan police clash with anti-government protesters
World Politics
Russia to stay in World Trade Organization: Russian diplomat
Russia to stay in World Trade Organization: Russian diplomat
World Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > Egypt’s central bank leaves interest rates on hold
BankingBusinessEconomy

Egypt’s central bank leaves interest rates on hold

Daily News Egypt
Last updated: 2020/12/24 at 8:26 PM
By Daily News Egypt 2 Min Read
Share
Central Bank of Egypt CBE Daily News Egypt
SHARE

Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25%, 9.25%, and 8.75%, respectively.
The discount rate was also kept on hold at 8.75%.
In a press statement, MPC said that Egypt’s annual headline urban inflation accelerated for the third consecutive month to 5.7% in November 2020 from 4.5% in October 2020.
Meanwhile, annual core inflation increased only slightly to 4% in November 2020 from 3.9% in October 2020.
Moreover, Egypt’s real GDP growth recorded a preliminary 0.7% in the third quarter (Q3) of 2020, up from -1.7% during Q2.

According to the CBE Egyptian economy grew by 3.6% in fiscal year (FY) 2019/20 down from to 5.6% a year earlier due to coronavirus (COVID-19) pandemic.
However, most demand-side leading indicators for October and November 2020 show continued signs of recovery after displaying weakness in Q2. Furthermore, the unemployment rate recorded 7.3% Q3, the lowest rate on record, and down from 9.6% in Q2.

Globally, economic activity remains subdued despite the accommodative financial conditions, as the outbreak of the second wave of COVID-19 pandemic and its related lockdown measures weigh on the near-term outlook.
“On the other hand, the continued development and roll-out of vaccines could ease the level of uncertainty regarding economic activity over the medium term. Meanwhile, international oil prices started to slightly pick up recently,” the statement added.
CBE’s inflation target has been set at 7% (±2%) on average during Q4 2022, down from 9% (±3%) during Q4 2020, according to the statement.

“Egypt’s GDP growth is expected to recover albeit gradually, with structural measures expected to support economic activity. On the other hand, annual headline inflation rates are expected to be affected by unfavourable base effects related to the normalization of monthly inflation rates in 2021 but will continue hovering around the inflation target’s mid-point of 7% in 2022.”

You Might Also Like

EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International

Australian government strikes deal on climate policy

EGX signs MoU to expand scope of regional climate action

Gold prices drop 1% globally due to measure to contain SVB crisis: Gold Bullion

3.388 million tonnes of fodder worth $1.671bn released from ports in last 6 months: Agriculture Minister

TAGGED: CBE, Central Bank of Egypt, Egypt, Egyptian economy, GDP, interest rates
Share this Article
Facebook Twitter Email Print
Previous Article Madbouly directs for medical supplies availability at hospitals amid rise in COVID-19 cases Madbouly directs for medical supplies availability at hospitals amid rise in COVID-19 cases
Next Article People in a Metro station in Cairo wearing masks to protect against coronavirus COVID-19 Daily News Egypt Egypt’s COVID-19 daily cases exceed 1,000 again, 128,993 in total
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

EFG Hermes closes EGP 193.65m securitized bond issuance for Premium International
Business
Australian government strikes deal on climate policy
Australian government strikes deal on climate policy
Business
Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
Iranian, Saudi FMs discuss imminent bilateral meeting in phone call
World Politics
Kenyan police clash with anti-government protesters
Kenyan police clash with anti-government protesters
World Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?