Pre-Trading Thoughts

The US Federal Reserve is expected to keep its benchmark interest rate unchanged within the 5.0-5.25% range at its policy meeting this Tuesday and Wednesday. Egypt’s core inflation rose to 40.3% y-o-y from 38.6% in April. We expect the MPC to leave rates unchanged at the June 22 MPC meeting. The government is targeting oil and gas exports of USD 21 bn in 2023, up 15% YoY and another c.15% increase in 2024 to USD 24 bn. Short-term deposits from Arab countries with the Central...