Pre-Trading Thoughts

Inflation forecast for March 2022: We expect annual urban inflation to record 11.3% YoY, and 2.9% MoM, on surging food items, tobacco, housing and fuel, and miscellaneous goods & services after EGP depreciation and the higher impact of global inflation. Foreign exchange resources available at Egyptian banks improved on the back of the demand for the 18% CDs offered by NBE and Banque Misr, which succeeded to attract EGP443 billion. Egypt saw a rise in wheat imports from Russia in March to ...