Pre-Trading Thoughts

Annual core inflation rate, which excludes volatile items, recorded 13.3% in May 2022, up from 11.9% in April. CBE might opt for tightening by another 200 bps, for real interest rates. Egypt has paid due debts with a total value of USD24 billion YTD, including USD10 billion in foreign debt, and USD14 billion in foreign portfolio outflows. Russian payment system “MIR” will be activated in a few days within Egyptian Resorts, which will raise number of Russian visitors to Egypt. Ethiopia i...