Pre-Trading Thoughts

Moody’s Ratings has upgraded Egypt’s credit outlook from negative to positive following the country’s successful acquisition of fresh foreign funds. The Ministry of Finance intends to raise its expectations for interest rates on Treasuries to reach 28.5% in the budget for FY2024-25. The CBE raised EGP87.8 bn in a one-year t-bill auction on Thursday — receiving offers for almost 3x the amount sold. The bills were sold at an interest rate of 32.3%. International investors bought up USD825 mn (c...