Arab Finance: HC Securities and Investment is expecting the Central Bank of Egypt (CBE) to keep interest rates unchanged at its upcoming Monetary Policy Committee (MPC) meeting on May 23^rd, according to an emailed press release.

The agency ascribed this to the year-on-year slowdown in headline inflation for two consecutive months and the enhanced foreign exchange liquidity resulting from the Ras El-Hekma investment.

This is in addition to the country’s one-year credit default swaps (CDS) surging to 287 basis points (bps) from 857 bps on January 1^st.

HC’s forecast for the MPC meeting were also driven by the recent upgrade in Egypt’s credit outlook to positive from negative by Moody's and to positive from stable by Fitch and S&P.

At its special meeting on March 6^th, the CBE’s MPC increased the interest rates by 600 bps.

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