MPC meeting update I Policy rate cut in line with expectations
The cut in policy rates is no surprise, given lower international food and oil prices—in our recent Egypt macro note (dated 11 Jan 2015), we expected the CBE to cut policy rates during 1H15. That being said, the rapidity and magnitude of the 50bps cut exceed the 25bps we expected.
Low oil prices to continue, keeping down import costs. Our expectation is that sustained low international oil prices (below USD75 for most of 2015e), while not having a direct impact on local energy prices since they are domestically fixed, should help reduce the cost of imported goods. More significantly, international prices of food and agriculture products have declined by almost 10% during the same period.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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