Pre-Trading Thoughts

The CBE hiked rates by 200 basis points, in line with our expectations. Fitch Ratings expected that the net foreign assets of Egyptian banks will continue to recover after the depreciation of the pound, and high interest rates will support the profitability of banks. The European Central Bank may raise interest rates in July to tackle inflation, despite rising concerns about a recession in the eurozone. Finance Ministry is projecting tourism revenues to reach USD 10-12 bn in the c...