29 March 2023
With inflation pressures running hot in Egypt (as well as more broadly around the globe), and after the bank left rates unchanged at the last meeting (Feb 2, 2023), we now expect the Central Bank of Egypt to resume its walk through the tightening process this week with the delivery of a new rate hike. The question though is how big a rate increase it might deliver on this occasion. We believe a 300bp hike could be appropriate, and with more to come after that.
Simon Ballard, Chief Economist, Market Insights & Strategy