Arab Finance: HC Securities and Investment is expecting the Central Bank of Egypt (CBE) to keep interest rates unchanged during the Monetary Policy Committee’s (MPC) upcoming meeting on September 21^st, according to an emailed press release.

“We believe that the MPC is likely to maintain interest rates at its 21 September meeting to fully absorb the effect of the last 100 basis points (bps) increase, especially that the inflation is supply-driven and not demand-driven,” according to the Economist and Financials Analyst at HC Heba Mounir.

As far Egypt’s annual inflation is concerned, it is anticipated to hit 37.8% in September as the supply shortages, caused by restrictions on imports and the lack of USD, continue to lead to inflation spikes, Mounir added.

On August 3rd, the CBE’s MPC decided to raise key interest rates by 100 bps.

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