Pre-Trading Thoughts

The IMF forecasts Egypt’s real GDP to slow to 3.7% in 2023, from 6.6% in 2022, but to recover to 4.1% in 2024, in light of the current FX crunch. The fund is now projecting inflation in Egypt to average 24.4% in 2023 and to rise further to 32% in 2024. The National Bank of Egypt and Banque Misr will today launch two new USD certificates of deposit, one with a 9% annual percentage rate that pays out interest in EGP upfront and another with a 7% rate that pays out in USD quarterly....