The Central Bank of Egypt’s (CBE’s) monetary easing cycle has been stop-start and with headline inflation rising in recent months, last night’s decision to keep interest rates on hold was not a complete shock. But with interest rates remain very high and, with disinflation set to resume in Q1 2026, it won’t be too long before policy loosening comes back onto the agenda. We expect more easing than most anticipate next year.
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