The Central Bank of Egypt (CBE) kept interest rates unchanged at Thursday’s MPC meeting amid stronger price pressures and, if we’re right in expecting the authorities to let the pound weaken gradually this year at the same time that US Federal Reserve will be tightening policy, the next move in rates is likely to be up. We have pencilled in 150bp of hikes to the overnight night deposit rate to 9.75% by end-2023.
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