Report published September 24, 2026
Egypt: CBE On Hold at +19.00%; Guidance Unchanged – Goldman Sachs Economics Research
Goldman Sachs · September 24, 2026
The Central Bank of Egypt maintained its overnight deposit rate at 19.00%, matching expectations. Despite revising down its inflation forecast due to recent disinflation, the CBE kept guidance unchanged to buffer against upside risks from regional conflict and fiscal consolidation.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.The Central Bank of Egypt kept its key policy rates unchanged, maintaining the overnight deposit rate at 19.00%, in line with consensus and Goldman Sachs forecasts.
- 2.CBE revised down its inflation forecast following softer CPI prints (headline at +14.5% yoy in August), expecting headline inflation to stabilize in Q3 2026 before decelerating to the target range by mid-2027.
- 3.Goldman Sachs forecasts the CBE will resume its easing cycle with 500bp of rate cuts in 2027, reaching a terminal rate of 13% in Q1 2028, supported by medium-term EGP stability and lower energy prices.
Table of Contents
- Key Figures:
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| CBE Overnight Deposit Rate | 19.00% | Maintained policy rate at +19.00% |
| CBE Overnight Lending Rate | 20.00% | Maintained overnight lending rate |
| CBE Main Operation Rate | 19.50% | Maintained main operation rate |
| Headline Inflation | 14.5 % yoy | Headline inflation easing in Egypt |
| Core Inflation | 14.9 % yoy | Core inflation stable in Egypt |
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