Pre-Trading Thoughts

The CBE withdrew surplus liquidity from banks worth EGP872.5 billion from in open market operations fixed rate deposits of 27.75%, while returning liquidity worth one trillion pounds that it had withdrawn last week. The government lowered its forecast for the economic growth rate in FY2023/24 to 2.8% - 2.9%, from a previous forecast of 3%, as a result of geopolitical turmoil. Representatives from the IMF are in town to conduct the third review of our loan program. The review will unlock...