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.
Interest Rate in Egypt averaged 11.90 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 August of 2020. source: Central Bank of Egypt
Interest Rate in Egypt is expected to be 9.25 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 8.25 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.