Enterprise: Analysts expect the Central Bank of Egypt to raise interest rates

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On Sunday, the Egyptian business newsletter, Enterprise published the results of a survey of economists on the economic, financial and monetary situation in Egypt. Analysts expected the Central Bank of Egypt to raise interest rates at its next meeting on Thursday to counter inflation and the depreciation of the local currency. They were divided on the rate of increase, as some suggested a 100 basis point hike, while others suggested a 200 basis point hike. A third party suggested raising interest rates by 100-250 basis points over the year. The Central Bank of Egypt raised interest rates by 800 basis points over the past year. At the end of last year, the Egyptian government reached an agreement with the International Monetary Fund to obtain a three-billion-dollar loan in exchange for a commitment to allow the prices of petroleum products to rise to be in line with international prices. Since April 2021, the government has raised fuel prices by 23-28%.