Just as the EGX awaited a decision on the stamp tax last week, the traders are now awaiting the decision of the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) on Sunday. The MPC is set to meet on Sunday to discuss interest rates. A Reuters poll showed that 13 of 14 economists expect the CBE to keep interest rates unchanged, despite the announcement of the International Monetary Fund (IMF) that the interest rates are the correct tool to curb the rampant inflation in Egypt that mainly affects low-income citizens. He pointed out that the market absorbed the impact of the stamp tax on the EGX. CI Capital stated, in a research paper, that EGX70 moved up from 575-580 to 600-610 and will head to 670.

Source: Daily News Egypt May 21, 2017 07:07 UTC