Analysts see central bank leaving rates on hold when it meets a week from Thursday: Where once the orthodoxy was that the central bank would cut rates heading into the fourth quarter, now the pundits see rates left on hold — and you can thank the Emerging Markets Zombie Apocalypse, as we’ve been arguing for some time now.

What they’re saying: Leaving rates where they are preserves Egypt’s global competitiveness in the battle for hot money amid a global sell-off in EM assets, Pharos’ Radwa El Swaify told Al Shorouk. With headline inflation seen easing to 13% in September, from 14.2% in August, the MPC could move to cut rates by 100 bps in the final quarter of the year, according to El Swaify, who notes that the scenario hinges on an improvement in global economic conditions. CI Capital’s Hany Farahat and Beltone Financial’s Alia Mamdouh hold similar views, suggesting the CBE will keep rates high to mitigate outflows from government bonds and treasuries as well as to curb rising inflation. Annual Inflation had inched up last month after easing slightly in July from a 14.4% high in June increases to the costs of fuel, power, and transportation in July, as the government continued to gradually phase out subsidies.