Egypt’s easing cycle resumes with a bang

The Egyptian central bank cut its overnight deposit rate by a larger-than-expected 150bp last night (to 14.25%) and with inflation likely to fall further in the coming months, much more easing lies in store. We have revised down our year-end forecast to 13.00% (previously an already below-consensus 13.75%); our end-2020 forecast remains unchanged at 10.75%.

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