Islamic Macro Highlights: September 21–25
We summarize important events for Islamic economies during the week of September 21-25.
We summarize important events for Islamic economies during the week of September 21-25.
Central Bank of Egypt interest rate decision on September 24: The Central Bank of Egypt will likely leave its key rate unchanged at 19%. This would mark the sixth consecutive meeting with rates constant, extending the pause in Egypt’s nearly year-long monetary easing cycle.
Bank Indonesia interest rate decision on September 23: We expect Bank Indonesia ito keep its benchmark rate unchanged at 5.75% following a 50-bps hike in June.
One to watch will be the Saudi East-West Pipeline: Global oil markets remain under pressure after early-September drone strikes damaged three key pumping stations along Saudi Arabia’s East-West pipeline. The shutdown has disrupted Red Sea oil flows, with Saudi Aramco reportedly halting loadings at Yanbu and reducing October crude allocations to European refiners. With repairs expected to take several weeks, the disruption is reducing Saudi Arabia’s ability to use the Red Sea as an alternative export route. We assess this will add upward pressure on crude prices, with Brent futures likely staying above 95-100 USD per barrel.
Disclaimer: This publication is provided for general informational and macroeconomic research purposes only. It does not constitute individualized investment, financial, legal, tax or other professional advice. Forecasts, opinions and analysis reflect the author’s professional judgment at the time of publication and are not guarantees of future outcomes. See our full Risk & Legal Disclaimer and Terms & Conditions.
Analyst / Author Declaration: I, Volkan Sezgin, Independent Analyst and Researcher, declare that the views and conclusions expressed in this publication reflect my professional judgment at the time of publication and are presented in good faith. The analysis has been prepared independently and without improper influence or inducement. Where applicable, material conflicts of interest are disclosed. I observe applicable professional and internal compliance standards concerning confidentiality, independence and the responsible use of information.