What we’re tracking this week
Market sees CBE keeping rates on hold: The central bank’s Monetary Policy Committee (MPC) meets on Thursday to decide on the basic interest rates. 14 out of 15 economists surveyed by Reuters expects the bank will hold overnight deposit rates at 14.75% and overnight lending rates at 15.75%. The lone dissenter expects a hike. Pharos Holding also expects the MPC to keep the rates unchanged (pdf) as financial conditions in March “continue to depict tightness that is close to February’s level, another interest rate hike is not needed. On another hand, we reckon that an interest rate cut is not appropriate due to the aforementioned inflation level and outlook. Therefore, we believe that the CBE’s Monetary Policy Committee will hold interest rates unchanged in March.”
The Egyptian Private Equity Association’s seminar on “first-time SME equity fund managers in Egypt” will run tomorrow from 9:30am-1:30pm at the Cairo Marriott. RSVP to firstname.lastname@example.org. You can find additional details here.