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The Central Bank of Egypt (CBE) left its policy rate unchanged, economists at Standard Chartered Bank report. USD/EGP is trading at 15.473.

Key quotes

“The Central Bank of Egypt (CBE) left its overnight deposit rate unchanged at 9.25%, in line with consensus expectations. Further rate cuts appear unlikely in the near-term.”

“We raise our policy rate forecast to 9.25% for both FY20 (year ending June 2020) and FY21 (8.25% and 6.25% prior); this should allow for an average real policy rate of over 300bps in FY21, in our view.”