Middle East & North Africa Data Response Egypt Consumer Prices (Apr.) Egyptian inflation jumped to 10.3% y/y in April as the impact of March’s devaluation of the pound started to feed through into the wider economy. We expect inflation to rise further over the coming... 10th May 2016 · 1 min read
Middle East & North Africa Economics Update Egypt central bank holds rates, but further hikes likely soon The Central Bank of Egypt (CBE) kept its overnight deposit rate at 10.75% today as it awaits further evidence of the impact on inflation from last month’s devaluation of the pound. With inflation set... 28th April 2016 · 1 min read
Middle East & North Africa Chart Pack Egypt’s central bank makes long-awaited devaluation The Egyptian central bank’s decision to devalue the pound this month ended months of growing speculation that a move in the currency was on the cards. In the near term, this will bring some pain. The... 30th March 2016 · 1 min read
Middle East & North Africa Economics Update Egypt devaluation: assessing the impact on balance sheets The recent devaluation of the Egyptian pound will create winners and losers within the country through its impact on balance sheets. Households and commercial banks stand to gain from a rise in the... 24th March 2016 · 1 min read
Middle East & North Africa Economics Update Egypt: pound devaluation prompts aggressive rate hike The Central Bank of Egypt’s larger-than-expected 150bp in its overnight deposit rate, to 10.75%, was a pre-emptive move to limit the inflationary impact from the recent devaluation of the pound. We... 17th March 2016 · 1 min read
Middle East & North Africa Economics Update Egypt devaluation a step in the right direction The decision this morning by the Central Bank of Egypt to devalue the pound and move to a more flexible exchange rate regime is a positive step and should help to improve the country’s balance of... 14th March 2016 · 1 min read
Middle East & North Africa Economics Focus Egypt devaluation: short-term pain, long-term gain? We think the latest moves by the Central Bank of Egypt suggest that a long-awaited devaluation of the pound may be just around the corner. This will inevitably involve some short-term pain, but over a... 2nd March 2016 · 1 min read
Middle East & North Africa Economics Update Egyptian inflation to stay in double digits for most of this year Egyptian inflation came in at 10.1% y/y in January and, with a looming devaluation of the pound and the government preparing the ground for a fresh round of subsidy cuts, it is likely to remain in (or... 11th February 2016 · 1 min read
Middle East & North Africa Economics Update Egypt: interest rates on hold, devaluation increasingly likely The Central Bank of Egypt kept its benchmark overnight deposit rate unchanged at 9.25% today as an influx of financial support has eased immediate concerns over the country’s external position and... 28th January 2016 · 1 min read
Middle East & North Africa Economics Update Egypt: devaluation and tourism troubles spell slowdown in 2016 The latest Egyptian economic data, on the face of it, show that the economy held up well in 2015, but the underlying picture is actually pretty weak. With the tourism sector in the midst of a fresh... 13th January 2016 · 1 min read
Middle East & North Africa Chart Pack Egypt edging closer to pound devaluation The Egyptian central bank has found itself in the spotlight this month, as attention has (re-)focussed on the country’s fragile external position. The appointment of Tarek Amer as governor had already... 22nd December 2015 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Nov.) The further rise in Egyptian inflation to 11.1% y/y in November, alongside fresh fears over the fragile external position, is likely to add to policymaker’s concerns. For now, we expect the central... 10th December 2015 · 1 min read
Middle East & North Africa Economics Update Egypt getting to grips with its foreign currency problems Egypt’s fragile external position has come under the spotlight once again, but the latest signs are that policymakers are trying to ease foreign currency restrictions. The upshot is that a devaluation... 3rd December 2015 · 1 min read
Middle East & North Africa Economics Update Egyptian equities drop, yields rise as external concerns resurface Renewed concerns over Egypt’s external position, coupled with fresh security fears in light of the Russian plane crash in the Sinai, have caused the country’s equity market to slump and dollar bond... 26th November 2015 · 1 min read
Middle East & North Africa Economics Update Mounting signs that Egypt’s exchange rate policy will shift There is growing talk that Egypt is in the midst of a currency crisis and, while we think some of this may be a bit overdone, developments over the past month or so suggest that a shift towards a more... 17th November 2015 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Oct.) The further rise in Egyptian inflation to 9.7% y/y in October was driven almost entirely by an increase in the food component, which is highly volatile. Stripping out food prices, inflation actually... 10th November 2015 · 1 min read
