On the other hand, the report maintained its expectations for the country’s inflation rate at 13.2 percent through end of 2022 for the second month in a row.

Continuing its upturn fuelled by the global economic crisis, Egypt’s annual inflation rate jumped to 15.3 percent in August 2022, compared to 6.4 percent in the same month of last year, according to the latest figures published by the Central Agency for Public Mobilisation and Statistics (CAPMAS).

This rate is also higher than the rate recorded in July of 14.6 percent, according to the CAPMAS readings.

“All the Levant economies except for Israel are set to see their growth accelerate slightly in 2023. Easing domestic and global inflationary pressures will help support private consumption, which typically is a main driver of growth in Levant Ex-Israel,” the report explained.

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) is scheduled to convene on Thursday to review the key interest rates in light of global and local economic updates; particularly August’s inflation readings and the anticipated decision of the US Federal Reserve (Fed) for the benchmark interest rates that are expected to be announced on Wednesday.

In its last meeting, held in August, the MPC kept the interest rates unchanged at 11.25 percent, 12.25 percent, 11.75 percent and 11.75 percent for the deposit rate, overnight lending rate, the rate of the main operation and the discount rate, respectively.