By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Tatweer Misr breaks sales record in H1 2023
    Tatweer Misr breaks sales record in H1 2023
    September 25, 2023
    Real estate exports boost Egypt’s economy, Cityscape panel reveals
    Real estate exports boost Egypt’s economy, Cityscape panel reveals
    September 25, 2023
    SODIC reports 22% sales growth in 2023
    SODIC reports 22% sales growth in 2023
    September 25, 2023
    Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
    Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
    September 25, 2023
    HSBC plans climate tech funding push
    HSBC plans climate tech funding push
    September 25, 2023
  • Politics
    PoliticsShow More
    Presidential election in Egypt set for 10-12 December
    Presidential election in Egypt set for 10-12 December
    September 25, 2023
    Defence Minister meets NATO Military Committee chief
    Defence Minister meets NATO Military Committee chief
    September 25, 2023
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    September 24, 2023
    Al-Sisi highlights opportunities for mutual benefit with China
    Al-Sisi highlights opportunities for mutual benefit with China
    September 24, 2023
    Egypt, India affirm their strategic partnership, discuss regional issues
    Egypt, India affirm their strategic partnership, discuss regional issues
    September 24, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: HC Securities expects CBE to raise basic rates by 2% next Thursday
Share
Notification
Latest News
Presidential election in Egypt set for 10-12 December
Presidential election in Egypt set for 10-12 December
Politics Egypt
Tatweer Misr breaks sales record in H1 2023
Tatweer Misr breaks sales record in H1 2023
Business
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Business
SODIC reports 22% sales growth in 2023
SODIC reports 22% sales growth in 2023
Business
Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > HC Securities expects CBE to raise basic rates by 2% next Thursday
Business

HC Securities expects CBE to raise basic rates by 2% next Thursday

Daily News Egypt
Last updated: 2022/12/20 at 6:14 PM
By Daily News Egypt 3 Min Read
Share
HC Securities expects CBE to raise basic rates by 2% next Thursday
SHARE

The research department at HC Securities and Investment issued its expectations for the upcoming meeting of the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) next Thursday, as it expected to raise the basic interest rate by 2% in order to confront high inflation.

“We expect the MPC to raise the interest rates by 200 basis points in order to confront inflation, and to attract inflows benefiting from the price differences,” said Heba Mounir, analyst of the banking sector and macroeconomics at the company.

She indicated that inflation accelerated in November, as it rose by 2.3% on a monthly basis and 18.7% on an annual basis, exceeding the company’s estimates of 16.5%, pointing out that this acceleration, along with the current shortage in foreign capital inflows, led to the company’s expectation of recording an annual inflation rate of 19.1% in December.

She added: “The average return on the 12-month treasury bills after tax reached 15.99%, accounting for a tax rate of 15% for US and European investors, in the offering held on December 8 with a bid-to-cover ratio of 3.20 times, indicating the need to raise returns.”

She explained that Egyptian treasury bills for the 12-month period currently offer a real return of negative 0.1%, and calculating the expected increase of 200 basis points in the interest rate at the Central Bank will attract flows benefiting from the price differences.

It is noteworthy that the Monetary Policy Committee of the Central Bank of Egypt had decided, in an extraordinary meeting on 27 October to raise the interest rate by 200 basis points, and to move to a durable flexible exchange rate system, leaving the forces of supply and demand to determine the value of the Egyptian pound against a basket of other foreign currencies.

Accordingly, this led to a rise in interest rates in Egypt in 2022 by 500 basis points, coinciding with the Federal Reserve’s interest rate increase by a total of 425 basis points from the beginning of the year until last Thursday.

You Might Also Like

Tatweer Misr breaks sales record in H1 2023

Real estate exports boost Egypt’s economy, Cityscape panel reveals

SODIC reports 22% sales growth in 2023

Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour

HSBC plans climate tech funding push

TAGGED: CBE, HC Securities
Share this Article
Facebook Twitter Email Print
Previous Article Egypt adopts policies to boost exports, especially to African markets: Madbouly Egypt adopts policies to boost exports, especially to African markets: Madbouly
Next Article Egypt condemns terrorist attack in Kirkuk province of Iraq Egypt condemns terrorist attack in Kirkuk province of Iraq
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Presidential election in Egypt set for 10-12 December
Presidential election in Egypt set for 10-12 December
Politics Egypt
Tatweer Misr breaks sales record in H1 2023
Tatweer Misr breaks sales record in H1 2023
Business
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Business
SODIC reports 22% sales growth in 2023
SODIC reports 22% sales growth in 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?