The Central Bank of Egypt kept its key overnight deposit rate steady at 11.25% in its June 23rd meeting against market expectations of 11.75%, following two consecutive rate-hikes of 100 bps and 200 bps in March and May respectively. The monetary authority noted that it continues to assess the impact of previous two rate-hikes on inflation expectations and macroeconomic developments in the medium term. Further, it stressed that although achieving low and stable inflation rates in the medium term is a prerequisite for supporting the purchasing power of the Egyptian citizens and achieving high and sustainable growth rates; the current interest rates depend mainly on the expected inflation rates and not on the prevailing rates, which runs at a 3-year high of 13.5%. Looking forward, policymakers expect inflation to deviate slightly from the central bank's official target of 7+/-2% on average during Q4 of 2022, and then gradually decline again. 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 June of 2022.
Interest Rate in Egypt is expected to be 11.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Egypt Interest Rate is projected to trend around 15.00 percent in 2023 and 10.00 percent in 2024, according to our econometric models.