Pre-Trading Thoughts

The CBE increased overnight deposit and lending rates and the rate of the main operation by 200 bps to 18.25%, 19.25%, and 18.75%, respectively. Egypt’s external debt increased 5.5% to USD162.9 billion in December 2022, compared to September 2022 and 11.9% YoY compared to December 2021. Financial and capital account recorded a deficit of USD1.6 billion in December 2022. For the first time since 3Q13/14, Egypt’s current account recorded a surplus of USD1.4 billion during 2Q22/23. The President...