Pre-Trading Thoughts

We expect the MPC to maintain interest rates at the next meeting in light of the preceding interest rate raises taken in December and March (+500 bps) to attempt to control the then expected rise in inflation and to match the monetary tightening expected by the Fed. In addition, raising interest rates will be closely tied to the movement in the official exchange rate, which is not expected to happen before 4Q23. The Arab Monetary Fund (AMF) is lending Egypt USD 615.8 mn under its Struc...