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      Debswana sponsors BFA’s National First Division League with P3.9m 

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      Ditlhokwe Tipped to Excel at Kaizer Chiefs

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      BCF Aims to Resuscitate Chess this Year

      BCF Aims to Resuscitate Chess this Year

      Tebogo’s Move to US on Hold

      “Don’t Panic,” Tebogo is advised as He Transits to Senior Level

      NSAs decry Absence of School Sports 

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      BCF fails to send Team to Continental Schools Chess Champs

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      Central Bank of Egypt (CBE) expected to raise the overnight deposit rate by 50bp today

      mm by RMB Africa Research
      August 18, 2022
      in News
      Reading Time: 1 min read
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      Central Bank of Egypt (CBE) expected to raise the overnight deposit rate by 50bp today

      Derivatives market is pricing in significant devaluation risk – USD/EGP vs. NDF outrights. Source: ETM Analytics, Bloomberg

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      Policymakers at the Central Bank of Egypt (CBE) will today decide on the lending and deposit rates. Consensus expectations are for the CBE to raise the overnight deposit rate by 50bp to contain inflation. Inflation in Egypt quickened after a month of cooling off, as rising food prices, a local hike in fuel costs, and a weaker currency added more pressure on consumers in July. While the renewed acceleration and upside risks to the inflation outlook suggest a rate hike is more than likely, investors will look to whether the CBE will allow for more currency flexibility and devalue the Egyptian pound. In recent weeks, a greater flexibility in the pound has emerged as an issue for Egyptian authorities who are seeking to secure a new loan from the International Monetary Fund. The pound remains overvalued on a real effective exchange rate basis, and the IMF has called for currency flexibility to avoid the build-up of external imbalances and to facilitate adjustment to shocks.

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