Arab Finance: Investments bank EFG Hermes projects the Central Bank of Egypt (CBE) to hike interest rate by 150 basis points (bps) at the upcoming monetary policy meeting (MPC) on Thursday, February 2nd, according to an economic note sent to Arab Finance on January 30th.
"We project inflation to rise closer to 23% in January from 21.3% in December and remain close to these levels in the first quarter (Q1) of 2023," EFG Hermes added in the note.
EFG Hermes also expected Egypt’s real gross domestic product (GDP) growth to hit 4.5% during the current fiscal year (FY) 2022/2023 before rising to 5% in the next FY 2023/2024 and to 5.2% in the FY 2024/2025.