Egypt’s rates on hold, awaiting IMF deal

Egypt’s Central Bank (CBE) kept interests rates on hold today. And although it looks like the CBE is taking small steps towards easing policy, much now hinges on whether an IMF deal can be agreed. If a package can be put together quickly, then rates could be cut this year. But if not, there is a real risk that Egypt experiences a currency crisis, forcing the CBE into defensive rate hikes.

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