Arab Finance: HC Securities and Investment is expecting the Central Bank of Egypt (CBE) to raise interest rates during its upcoming Monetary Policy Committee (MPC) meeting on November 2^nd, according to an emailed press release.

“We forecast a total 200 basis points (bps) policy rate hike before year-end, including 100 bps for the November 2nd meeting as we believe that the rate hike may help defend the currency against dollarization and purchases of gold by Egyptian citizens,” according to the Economist and Financials Analyst at HC Heba Mounir.

The agency also expects annual inflation to hit 38% in October as the supply shortages of basic commodities, caused by restrictions on imports and the lack of USD, continue to lead to inflation spikes, Mounir added.

On September 21^st, the CBE’s MPC decided to keep key interest rates unchanged.

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