Pre-Trading Thoughts

Annual urban inflation skyrocketed to record 35.7% YoY in February, up from 29.8% YoY in January. Monthly urban inflation surged to 11.4% MoM, the highest on our records. Annual core inflation — which excludes volatile items such as food and fuel — rose to 35.1% in February, up from 29% in January. Meanwhile, monthly core inflation surged to 6.1% from 2.2% in January. The World Bank is expected to extend around USD3 bn in financing to Egypt, Finance Minister Mohamed Maait said. Local banks ha...