Egypt’s annual urban consumer price inflation rose to 3.6 percent in November, from 3.1 percent in October, the government statistics agency CAPMAS said on Tuesday.
Annual core inflation rate fell to 2.1 percent year-on-year in November, compared to 2.7 percent in October, according to data released by Egypt's central bank.
The country is emerging from an International Monetary Fund-backed economic reform plan that saw inflation rise to record highs.
Egypt has hiked domestic fuel prices and phased out some subsidies as part of the $12 billion agreement with the fund.
“We think that inflation will rise over the next year or so but, it will remain relatively subdued and is unlikely to go above the mid-point of the central bank’s target on a sustained basis,” Capital Economics said in a research note.
The central bank had set an inflation target of 9 percent by the end of 2020, plus or minus 3 percentage points.
Capital Economics expects the overnight deposit rate – the interest rate at which banks lend or borrow funds with other banks – to be cut to 10 percent by the end of next year and be reduced further to 9.5 percent by the end of 2021.
Egypt considering three bond offerings during 2019-2020 FY: Finance ministerEgypt is considering issuing three bond offerings during the current 2019-2020 fiscal year, its Finance Minister Mohamed Maait said on Monday.The ... Business
Egypt’s fuel subsidy bill drops by 69 pct year on year July-September: ministerEgypt’s spending on fuel subsidies dropped by about 69 percent year on year to 7.25 billion Egyptian pounds ($451 million) in July-September, ... Business
Egypt’s Rameda Pharmaceutical to float 49 pct stake on EGXEgypt’s Rameda Pharmaceutical said on Wednesday it would float 49 percent of its shares on the Egyptian stock exchange to raise up to 1.755 ... Business