The Central Bank revealed that the annual core inflation rate, prepared for its part, had risen to 41% by the end of June 2023, compared to 40.3% in May 2023. The annual general inflation rate recorded 35.7% in June 2023, compared to 32.7% in May 2023. The Central Bank of Egypt targets an inflation rate of 7% ± 2% on average during the fourth quarter of 2024 and 5% (±2%) on average during the fourth quarter of 2026. HC Securities and Investment expected that the Monetary Policy Committee of the Central Bank of Egypt would keep interest rates unchanged in its meeting tomorrow, Thursday. Accordingly, and based on Egypt’s current economic situation, we believe the MPC committee will likely maintain interest rates unchanged at its 3 August meeting.
