Pre-Trading Thoughts

The CBE decided to keep overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 16.25%, 17.25%, and 16.75%, respectively. Egypt’s current account deficit narrowed by 20.2% to USD3.2 billion in 1Q22/23. The improved performance was attributed primarily to Net FDI inflows doubled to reach USD3.3 billion.Tourism revenues surged more than 43% y-o-y to USD4.1 billion, driven by a more than 50% increase in arrivals.The trade deficit narrowed to USD9.1 b...