Goldman Sachs expects Egypt to lower interest rates by 200 basis points (bps) in May, Asharq Business reported, citing a recent report by the bank.

The investment banking firm also forecasts the North African country’s inflation rate to drop to 20% by end-2024.

Furthermore, it projects the country’s debt instrument issuances to decline to EGP 240 billion monthly in the second quarter (Q2) of this year, compared to a monthly average of EGP 604 billion in Q1.

On March 6th, the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) increased the interest rates by 600 basis points (bps) at its special meeting.

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