Egypt
Egypt's financial repression runs mainly through its banks and the central bank. Pound-denominated government debt carries a zero capital risk weight and counts as top-tier liquid assets. The Treasury has also relied on non-tradeable MoF notes placed privately with banks (EGP 475 billion outstanding in mid-2026, to be eliminated by mid-2027). The central bank finances the budget through an overdraft (EGP 170.9 billion at end-June 2026) and through legacy lending to public agencies, which is being run down under the IMF programme. Credit is steered by subsidised fixed-rate schemes, including a 15% priority-industry initiative paid for by the Ministry of Finance. Exit is limited by caps on carrying cash abroad, controls on card use abroad, rules routing export proceeds through local banks, daily cash-withdrawal limits and a de facto ban on crypto trading.
- 11 em vigor
- 0 aprovada
- 0 proposta ou em discussão
Medidas em
Como o índice é construído
Cada segmento representa a contribuição de uma categoria de regras ou do pilar de mercado para o índice. A barra completa vale 100.
- Demanda cativa 3,2
- Financiamento pelo banco central 6,4
- Controles de capitais 7,4
- Tetos de juros 0,0
- Viés prudencial favorável à dívida soberana 6,0
- Crédito direcionado 2,0
- Incentivos fiscais 0,0
- Restrições a ativos reais 3,0
- Tributos sobre transações 1,0
- Pilar de mercado 15,1
Índice = 80% × regras (36,3) + 20% × mercado (75,6) = 44,1
O método em linguagem simples
- Pilar de regras (0–100). Cada uma das 9 categorias pode somar até o seu peso (os pesos somam 100). A intensidade de uma categoria cresce com cada medida em vigor: uma medida conta pelo seu fator de intensidade (0,25 para intensidade 1, 0,5 para 2, 0,8 para 3), e cada medida adicional preenche parte do espaço restante. Assim, a abrangência contribui com retornos decrescentes: duas medidas de intensidade 3 resultam em 96%.
- Pilar de mercado (0–100). Média dos indicadores de mercado abaixo: quanto a taxa básica de juros real é negativa e quanto da dívida pública é detido pelo próprio banco central e pelos bancos do país.
- Índice. 80% de regras + 20% de mercado quando há dados de mercado; caso contrário, apenas regras. Leis aprovadas que ainda não se aplicam entram apenas na perspectiva; propostas nunca entram.
As 9 categorias
Peso = máximo de pontos que uma categoria pode acrescentar ao pilar de regras. Intensidade = parcela desse peso preenchida pelas medidas em vigor. Abra uma categoria para ver as medidas contabilizadas; “O que é isto?” mostra os instrumentos por trás dela, no mundo e ao longo da história.
- Peso 16Intensidade 25%Pontos 3,2
Manutenção obrigatória de dívida pública por fundos de pensão, seguradoras ou bancos. O que é isto? →
Demanda cativa: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 3,2 - Peso 16Intensidade 50%Pontos 6,4
Compras de dívida pública pelo banco central, controle da curva de juros, financiamento monetário direto. O que é isto? →
Financiamento pelo banco central: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 6,4 - Peso 16Intensidade 58%Pontos 7,4
Limites à transferência de dinheiro para o exterior, limites a investimentos no exterior, controles cambiais. O que é isto? →
Controles de capitais: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 2,5 1 de 3 0,25 2,5 1 de 3 0,25 2,5 - Tetos de jurosPeso 14Intensidade 0%Pontos 0,0
Tetos ou limites de juros sobre depósitos ou empréstimos e taxas de juros administradas. Nenhuma medida em vigor aqui. O que é isto? →
- Peso 10Intensidade 75%Pontos 6,0
Regras prudenciais que favorecem a dívida soberana (ponderações de risco zero, regras de reservas de liquidez, isenções no índice de alavancagem). O que é isto? →
Viés prudencial favorável à dívida soberana: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 3,0 2 de 3 0,5 3,0 - Peso 10Intensidade 25%Pontos 2,0
Empréstimos direcionados pelo Estado, orientação do crédito e exigências de investimento no país ou em prioridades estatais. O que é isto? →
Crédito direcionado: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 2,0 - Incentivos fiscaisPeso 7Intensidade 0%Pontos 0,0
Privilégios tributários para títulos públicos ou penalidades tributárias sobre ativos concorrentes. Nenhuma medida em vigor aqui. O que é isto? →
- Peso 6Intensidade 63%Pontos 3,0
Controles de aluguéis, restrições imobiliárias e limites à posse de ouro, dinheiro em espécie ou criptoativos. O que é isto? →
Restrições a ativos reais: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 2,1 1 de 3 0,25 0,9 - Peso 5Intensidade 25%Pontos 1,0
Tributos sobre transações financeiras, impostos do selo e cobranças semelhantes sobre ativos não governamentais. O que é isto? →
Tributos sobre transações: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 1,0
Pilar de mercado 75,6 / 100
A média dos indicadores com dados disponíveis, com peso de 20% no índice (15,1 pontos aqui).
Taxa básica de juros real
100,0 / 100-7,0% · 2024
Taxa básica de juros menos inflação. Uma taxa real de +2% ou mais recebe pontuação 0; −5% ou menos recebe 100; entre esses limites, a pontuação varia linearmente. Os poupadores perdem mais quando ela é muito negativa.
Taxa de juros real do Banco Mundial (taxa de empréstimo menos a inflação pelo deflator do PIB), 2024, usada porque sem par de dados de taxa básica de juros e inflação.
Fonte: World Development Indicators
Dívida detida pelo banco central e por bancos nacionais
51,3 / 10030,8% of government debt · 2025-Q4
Parcela da dívida pública detida pelo banco central do país e pelos bancos nacionais. 0% recebe pontuação 0; 60% ou mais recebe 100; entre esses limites, a pontuação varia linearmente.
Banco central: 12.25% + bancos nacionais: 18.52% da dívida do governo geral, 2025-Q4.
Indicadores
Dados observados de fontes internacionais, ao lado das regras acima. Juros reais abaixo de zero significam perda de poder de compra para os poupadores.
Quem detém a dívida pública
Fontes: IMF, IMF DataMapper: World Economic Outlook (October 2026); Fiscal Monitor (October 2026); Menzie D. Chinn and Hiro Ito, The Chinn-Ito Index (KAOPEN): a de jure measure of financial openness; IMF, Sovereign Debt Investor Base for Advanced Economies / for Emerging Markets and Developing Economies (Arslanalp and Tsuda).
Medidas
Todas as medidas acompanhadas aqui, com sua base legal e fontes. Apenas medidas em vigor entram no índice.
Em vigor (11)
Stamp tax on stock-exchange trades
Acrescenta 1,0 pontos ao índice
Law No. 153 of 2026, published on 28 July 2026 and in force the next day, levies stamp tax on sales of securities listed on the Egyptian Exchange (excluding listed investment-fund units) at 0.5 per thousand on the buyer and 0.5 per thousand on the seller, residents and non-residents alike, or 0.25 per thousand each for same-day round trips; market makers are exempt. A companion package exempts residents' capital gains on listed shares from income tax.
Por que entra no cálculo: A turnover tax on equity trades raises the cost of holding and switching into shares, one of the few domestic alternatives to deposits and Treasury bills.
Base legal Law No. 153 of 2026 amending the Stamp Tax Law (Law No. 111 of 1980), Article 1 (new Article 83 bis)
Law No. 153 of 2026 amending the Stamp Tax Law (Law No. 111 of 1980), Article 1 (new Article 83 bis)Fonte primária
“تفرض ضريبة على إجمالى عمليات بيع الأوراق المالية المقيدة ببورصة الأوراق المالية المصرية عدا وثائق الاستثمار المقيدة بالبورصة”
State-subsidised lending at fixed below-market rates for priority sectors
Acrescenta 2,0 pontos ao índice
Banks lend to designated sectors at fixed rates and are compensated for the gap to the policy rate. Since a 2022 prime-ministerial decree, new schemes are managed by the Ministry of Finance. The priority-industries initiative approved by the cabinet on 16 January 2025 offers EGP 30 billion of loans for machinery and production lines at a reduced 15% rate for up to five years, with the ministry paying the difference to the CBE lending rate plus 1%. In January 2026 the cabinet raised the per-client cap from EGP 75 million to EGP 100 million. Legacy CBE schemes (middle-income mortgages, industry/agriculture/construction, tourism) still had EGP 96.9 billion of loans outstanding at end-June 2026.
Por que entra no cálculo: Fixed-rate quotas channel bank credit to state priorities at administered prices instead of to the highest-return borrowers, with the interest subsidy borne by the budget or the central bank.
Base legal Central Bank of Egypt circular of 23 February 2025 on the initiative to finance priority industrial sectors, Items 1, 5 e mais 1
Central Bank of Egypt circular of 23 February 2025 on the initiative to finance priority industrial sectors, Items 1, 5Fonte primária
“الشركات المستفيدة من المبادرة سعر عائد مخفض يبلغ ،%15 على أن تتحمل وزارة المالية الفرق في سعر”
Central Bank of Egypt circular of 18 February 2026 amending the priority industrial sectors initiative, Item 2Fonte primária
“ليكون الحد األقصى لتمويل العميل الواحد في إطار المبادرة مبلغ 100 مليون جنيه بدال من 75 مليون جنيه”
Daily caps on cash withdrawals from banks
Acrescenta 0,9 pontos ao índice
The central bank caps daily cash withdrawals at EGP 250,000 from bank branches for individuals and companies and EGP 30,000 from ATMs (limits set in April 2024, building on a 25 August 2022 circular). A temporary rise of the branch limit to EGP 500,000 in July 2025 was cancelled a week later. Banks must also set their own limits for foreign-currency cash withdrawals.
Por que entra no cálculo: Limits on taking deposits out as cash keep savings inside the banking system, where they fund government borrowing, and make it harder to switch into cash, dollars or gold quickly.
Base legal Central Bank of Egypt circular of 15 April 2024 on cash withdrawal limits e mais 1
Central Bank of Egypt circular of 15 April 2024 on cash withdrawal limitsFonte primária
“ليصبح 250 ألف جنيه مصري لألفراد والشركات، ومن ماكينات الصراف اآللي ليصبح 30 ألف جنيه مصري”
Central Bank of Egypt circular of 15 July 2025 ending the temporary increase in the maximum cash withdrawal limitFonte primária
“يكون الحد األقصى اليومي لعمليات السحب النقدي من فروع البنوك 250 ألف جنيه مصري”
Controls on using bank cards and travel foreign currency abroad
Acrescenta 2,5 pontos ao índice
Since December 2022 the central bank has barred customers from obtaining foreign currency for travel without leaving the country and told banks to report suspected card misuse abroad. Circulars of October 2023 and February 2024 require card use abroad to be opened per customer, with banks stopping the card and reporting to the I-Score credit bureau if the customer cannot prove they were abroad; an August 2025 circular dropped the routine 90-day proof requirement for customers who notify their bank before travelling, but kept the sanctions where proof is requested and not provided.
Por que entra no cálculo: Policing card spending abroad stops residents using pound-funded cards to buy foreign currency or foreign assets at the official rate.
Base legal Central Bank of Egypt circular of 22 December 2022 regulating the use of credit cards, debit cards and FX for travel
Central Bank of Egypt circular of 22 December 2022 regulating the use of credit cards, debit cards and FX for travelFonte primária
“يُحظر طلب تدبير العملة ألغراض السفر للخارج دون مغادرة البالد”
Privately placed Ministry of Finance notes with (mainly public) banks
Acrescenta 3,2 pontos ao índice
Alongside public auctions, the Ministry of Finance has raised money through non-tradeable MoF notes placed privately with banks (including one-week notes); IMF data show private placements from December 2022. The outstanding stock fell from EGP 752 billion to EGP 475 billion over the year to June 2026, and public banks' share of MoF notes fell to 32% from 51% in March 2026. The authorities committed to cut the stock to EGP 375 billion by end-September 2026 and to zero by end-FY2026/27, and to stop issuing one-week notes by end-September 2026.
Por que entra no cálculo: Non-tradeable notes placed directly with selected, largely public banks give the Treasury short-term funding that never has to clear in an open auction, tying those banks' deposits to Treasury financing.
Base legal Egypt: Memorandum of Economic and Financial Policies (Letter of Intent, seventh EFF review), MEFP (Attachment I to the Letter of Intent of July 17, 2026), 'Private placements' paragraph
Egypt: Memorandum of Economic and Financial Policies (Letter of Intent, seventh EFF review), MEFP (Attachment I to the Letter of Intent of July 17, 2026), 'Private placements' paragraphFonte primária
“The outstanding stock of privately placed MoF notes has been reduced from EGP 752 billion to 475 billion over the last twelve months”
Central bank overdraft to the Treasury and lending to public agencies
Acrescenta 6,4 pontos ao índice
Article 47 of the 2020 central bank law lets the central bank lend to the government, on request, to cover seasonal budget deficits, up to 10% of average general-budget revenues of the previous three years, for renewable three-month terms repayable within twelve months. Under the IMF programme the overdraft is capped by a weekly ceiling; it stood at EGP 170.9 billion at end-June 2026. Separately, the central bank's lending to public agencies other than the Ministry of Finance (capped at its January 2024 stock of EGP 661.172 billion) is being repaid, with the authorities committed to reducing it by EGP 100 billion a year to zero by end-June 2029.
Por que entra no cálculo: Direct central-bank credit finances the budget and public bodies outside market discipline, adding to money growth and inflation that erode the real value of pound savings.
Base legal Law No. 194 of 2020 promulgating the Law of the Central Bank and the Banking Sector, Article 47 e mais 1
Law No. 194 of 2020 promulgating the Law of the Central Bank and the Banking Sector, Article 47Fonte primária
“يقدم البنك المركزى تمويلاً للحكومة بناءً على طلبها لتغطية العجز الموسمى فى الموازنة العامة ، على ألا تجاوز قيمة هذا التمويل ( ١٠٪ ) من متوسط إيرادات الموازنة العامة فى السنوات الثلاثة السابقة”
Egypt: Memorandum of Economic and Financial Policies (Letter of Intent, seventh EFF review), MEFP (Attachment I to the Letter of Intent of July 17, 2026), paragraph on CBE lending to public agenciesFonte primária
“We remain committed to reducing such lending by EGP 100 billion annually to zero by end-June 2029”
Ban on issuing, trading or promoting crypto-assets without a central bank licence
Acrescenta 2,1 pontos ao índice
Article 206 of the 2020 central bank law prohibits issuing, trading or promoting cryptocurrencies or electronic money, and creating or operating platforms to trade them, without a licence from the central bank's board. The central bank has repeatedly warned that no licence has ever been granted, so crypto trading in Egypt has no lawful domestic channel.
Por que entra no cálculo: Closing off crypto as a legal store of value or route out of the pound keeps savings in domestic bank deposits and government-linked assets.
Base legal Law No. 194 of 2020 promulgating the Law of the Central Bank and the Banking Sector, Article 206 e mais 1
Law No. 194 of 2020 promulgating the Law of the Central Bank and the Banking Sector, Article 206Fonte primária
“يحظر إصدار العملات المشفرة أو النقود الإلكترونية أو الاتجار فيها أو الترويج لها أو إنشاء أو تشغيل منصات لتداولها أو تنفيذ الأنشطة المتعلقة بها بدون الحصول على ترخيص من مجلس الإدارة”
Central Bank of Egypt: The Fourth (4th) Warning Statement on CryptocurrenciesFonte primária
“the Central Bank of Egypt emphasizes that no license has ever been issued or granted to engage in such trading activities in the Egyptian market”
Limits on carrying foreign and Egyptian banknotes out of the country
Acrescenta 2,5 pontos ao índice
Travellers may take out up to USD 10,000 (or equivalent) in foreign currency, plus any larger amount they declared on arrival; Egyptian banknotes may be carried in or out only within an amount set by the central bank's board, and sending Egyptian or foreign currency by post is banned. The same law guarantees residents the right to hold foreign currency and to transfer it through banks.
Por que entra no cálculo: Caps on physical cash exports block the simplest way of moving savings abroad outside the banking system, where transfers can be monitored and rationed.
Base legal Law No. 194 of 2020 promulgating the Law of the Central Bank and the Banking Sector, Article 213
Law No. 194 of 2020 promulgating the Law of the Central Bank and the Banking Sector, Article 213Fonte primária
“وإخراج النقد الأجنبى من البلاد مكفول لجميع المسافرين بشرط ألا يزيد على عشرة آلاف دولار أمريكى أو ما يعادلها بالعملات الأجنبية الأخرى”
Pound-denominated government debt counts as top-tier liquid assets in the LCR
Acrescenta 3,0 pontos ao índice
The central bank's liquidity rules, binding from end-July 2016, require banks to meet a liquidity coverage ratio (phased up to 100% by 2019) separately in local and foreign currency. Tradable Treasury bills and other debt issued by the Egyptian government or the central bank in local currency count as Level 1 high-quality liquid assets at 100% of value.
Por que entra no cálculo: Local-currency government paper counts in full toward the pound liquidity ratio, which banks must meet separately from foreign currency. This gives banks a standing regulatory reason to hold Treasury bills whatever their yield relative to inflation.
Base legal Central Bank of Egypt circular of 20 July 2016: supervisory instructions on liquidity risk management, Section on Level 1 assets, item 1/1/1/5
Central Bank of Egypt circular of 20 July 2016: supervisory instructions on liquidity risk management, Section on Level 1 assets, item 1/1/1/5Fonte primária
“مصدرة من الحكومة المصرية أو البنك المركزى المصرى بالعملة المحلية”
Export proceeds for listed goods must be channelled through Egyptian banks
Acrescenta 2,5 pontos ao índice
Under a 2013 trade-minister decree (No. 235 of 2013, on tightening control over the proceeds of certain exports) and central bank rules of 28 April 2013, exports of listed goods must be executed through a bank operating in Egypt and proved to customs by a bank certificate, so the foreign-currency proceeds come back through the domestic banking system. Investment and Foreign Trade Minister's Decree No. 273 of 2025 added 65 more goods to the list (CBE circular of 25 June 2025).
Por que entra no cálculo: Forcing export earnings through domestic banks keeps foreign currency onshore and under central-bank oversight instead of being held abroad by exporters.
Base legal Central Bank of Egypt circular of 25 June 2025 (Minister of Investment and Foreign Trade Decree No. 273 of 2025)
Central Bank of Egypt circular of 25 June 2025 (Minister of Investment and Foreign Trade Decree No. 273 of 2025)Fonte primária
“بإضافة عدد 65 سلعة إلى السلع التي يشترط تنفيذ العمليات التصديرية الخاصة بها عن طريق أحد البنوك العاملة في”
Zero capital risk weight for pound-denominated claims on the Egyptian government
Acrescenta 3,0 pontos ao índice
Under the central bank's Basel II capital rules, banks may assign a 0% risk weight to claims in Egyptian pounds on the Egyptian government (Treasury, government administration, local government and service authorities) and on the central bank, and to government and central-bank debt instruments issued in local currency. Foreign-currency government debt is weighted by rating.
Por que entra no cálculo: Banks need no capital against local-currency sovereign holdings, which makes Treasury bills and bonds cheaper to hold than private loans and supports banks' large appetite for government paper.
Base legal Central Bank of Egypt circular of 24 December 2012: regulations for minimum capital adequacy (Basel II), Credit risk, claims on sovereigns (item b)
Central Bank of Egypt circular of 24 December 2012: regulations for minimum capital adequacy (Basel II), Credit risk, claims on sovereigns (item b)Fonte primária
“يُسمح للبنوك إعطاء وزن مخاطر صفر % للبنود التالية : • المطالبات بالجنيه المصري على الحكومة المصرية”
Revogada (1)
Mandatory 25% of bank lending to small and medium firms (expired end-2024; no extension published)
Não entra no índice
A central bank circular of 22 February 2021 required each bank to raise lending to micro, small and medium enterprises from 20% to 25% of its credit portfolio (as of December 2020), with 10% for small firms. The requirement was extended to 31 December 2023 and, by board decision of 16 January 2024, to 31 December 2024. No later extension appears among the central bank's published circulars, so the rule is treated as expired by its own terms.
Por que entra no cálculo: A quota fixes a share of bank credit for sectors chosen by the state, regardless of the risk-adjusted return, and reduces credit available to other borrowers.
Base legal Central Bank of Egypt circular of 18 January 2024 extending the targeted MSME percentages, Item 1
Central Bank of Egypt circular of 18 January 2024 extending the targeted MSME percentages, Item 1Fonte primária
“بشأن إلزام البنوك بتحقيق نسبة %25 من محفظة التسهيالت االئتمانية للبنك”
Antes de hoje
O conjunto de instrumentos ainda não tem exemplos de Egypt.