The Monetary Policy Committee (MPC) held a total of 5 meetings year-to-date. The first meeting took place on February 2, 2023, and the last meeting on August 3, 2023. During this period, interest rates experienced a change of +300 basis points.
Between these dates, the MPC made adjustments to the Central Bank of Egypt rates. The overnight deposit rate increased from 16.25% to 19.25%, the overnight lending rate increased from 17.25% to 20.25%, the main operation rate increased from 16.75% to 19.75%, and the discount rate increased from 16.75% to 19.75%.
For EGP T-Bills, there was a significant acceleration of +600 basis points on average across four different maturity tenors. The 91-day tenor started the year at 18.329% and reached 25.092% by the last auction recorded on the CBE website for the issuance date of September 19, 2023. The accepted bids for this auction amounted to EGP 48 billion. Similarly, the 182-day tenor started at 19.170% and reached 25.526% for the same issuance date. As for the 273 and 364 tenors started at 19.054%, 18.906%, and ended at 25.397%, 25.730%.
The MPC will hold the 6th meeting next Thursday 21/09/2023, subscribe to our mailing list to receive the MPC updates
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