JP Morgan forecasts the Central Bank of Egypt (CBE) to further raise interest rates by 200 basis points (bps) later in March amid the current inflationary pressures, Reuters reported.

“We now expect an additional 200 basis point hike to the deposit rate at the next meeting, which could yet be later this month as per the original (central bank) schedule,” JPMorgan’s analysts said in a research note.

They added that they do not believe there will be “any scope” for rate cuts until February 2024.

On March 10th, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual headline inflation rose to 36% in February, compared to 31.2% in January.

On March 6th, the CBE’s MPC increased the interest rates by 600 bps at its special meeting.


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