Egypt expected to keep interest rates unchanged: HC Securities

Updated 8/1/2023 10:21:00 AM
Egypt expected to keep interest rates unchanged: HC Securities

Arab Finance: HC Securities and Investment expects the Central Bank of Egypt (CBE) to maintain interest rates during the Monetary Policy Committee’s (MPC) upcoming meeting on August 3rd, according to an emailed press release.

“An interest rate hike to attract portfolio inflows is unlikely in the upcoming MPC meeting until Egypt sorts out its USD liquidity shortage,” according to Heba Mounir economist and financials analyst at HC.

As for Egypt’s annual inflation, it is expected to hit 36.6% in July as the supply shortages, caused by restrictions on imports and the lack of USD, continue to lead to inflation spikes, Mounir added.

On June 22nd, the CBE’s MPC decided to keep key interest rates unchanged.

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