Pre-Trading Thoughts

Production inputs and raw materials will be exempt from a CBE rule handed down in February that has required the vast majority of importers to use letters of credit (L/Cs) to cover imports. Urban inflation recorded 13.1% YoY in April, higher than our expectations of 11.4% for the month; We expect the CBE to raise interest rates by 200bps in its upcoming meeting on 19 May. Egypt is seeking USD2.48 billion in financing from the WB within 9 programs it submitted to the bank. Minister...