Al Ahly Pharos

Market Overview  Prepared by: Mayada Amin - CETA,  CFTe

The CBE's net foreign liabilities' position shrank in March by about 84% to be limited to USD1.38 billion, compared to USD8.7 billion in February, the lowest since March 2022. The IMF revealed that the government is developing an electronic system for government procurement and studying the strengths and weaknesses of the public procurement system to improve the management of public inve...

Market Overview  CCAP UEGC ESRS HRHO  QNBA AIH Prepared by: Mayada Amin - CETA, CFTe

The World Bank is considering providing a USD300 million loan to the Small and Medium Enterprises Agency, with the aim of enhancing the flexibility of small businesses in Egypt.  Egypt's CDS rate rose during the past week, which witnessed an increase in geopolitical tensions in the Middle East, to 6.93% for 5 years at the close of trading on Friday, compared to 5.8% at the end of the previous...

Market overview 

The Finance Ministry yesterday released its preliminary budget report: growth projection slashed again to 4.0%, inflation targets revised upwards to an average of 18.1%, and budget deficit to widen slightly by 0.1 percentage point to 7.3%.  The government is preparing to launch a USD1.1 billion program to implement the state ownership policy, and a document issued by the World Bank revealed that t...

Market Overview  MASR ORHD EMFD ESRS ALCN prepared by : Mayada Amin- CETA, CFTe

The IMF has maintained its projection for Egypt’s real GDP growth in FY2023/24 at 3%, and to rebound to 4.4 percent in FY2024/25. Interest payments in the state budget FY2024/25 are estimated at EGP1.8 trillion, about 70% of the total revenues of EGP2.63 trillion, due to higher estimation of average interest payment on treasuries, at 25%, compared to 18.5% in FY2023/24. The government is looking t...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

The CBE has increased cash withdrawal limits from EGP150k to EGP250k per day from banks, and from EGP20k to EGP30k per day from ATMs. World Bank expects Egypt's GDP growth to decline to 2.8% in FY2023/24 from 3.8% in FY2022/23, 0.7 percentage point drop from its previous forecast in January, exacerbated by the repercussions of the Middle East conflict on Suez Canal and tourism. Growth is expe...

Market Overview  ORWE HRHO SWDY  EKHOA SUGR ESRS prepared by: Mayada Amin, CETA  - CFTe

The CBE released balance of payments (BoP) data for 1HFY2023/24, which is not yet reflecting the effect of the EGP devaluation nor any massive FDI deals or fundings agreed upon during 1Q2024.  Annual urban inflation receded to 33.3% YoY in March, down from of 35.7% in February.  Monthly urban inflation dropped to 1% MoM from the record high of 11.4% recorded in February.  The EU on Friday said it...

Market Overview  ALCN EKHOA  PHDC ABUK  MFPC prepared by: Mayada Amin- CETA, CFTe

The National Council of Wages raised the minimum wage for private sector workers by 71% to EGP6,000 starting in May. The Central Bank of Egypt is looking into imposing fines on importers who refuse to move their goods from ports even after receiving the required FX to do so. The Libyan Investment Authority is reportedly looking into acquiring a majority stake or 100% of an unnamed Egyptian commerc...

Market Overview 

Trade deficit amounted to USD2.08 billion in January, compared to USD3.32 billion for the same month in 2023, a decrease of 37.2%. The Italian "Eni" revealed that it spent USD230 million in 2023 on the development works in Zohr Field, bringing its total expenses on the field to USD6.2 billion. The government discussed main criteria for establishing new special free zones, including the t...

Market Overview 

Net International reserves surged to record USD 40.46 billion in March, up from USD35.31 billion in February. Foreign investors have poured USD17.8 bn into Egyptian government debt in the first quarter of 2024. The cabinet approved the new EGP120 bn program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies — which offers financing at an intere...

Market Overview  HELI ORAS AMOC SKPC prepared by: Mayada Amin- CETA, CFTe

Government sources said that the Ministry of Finance has raised expected VAT revenues in the next fiscal year to EGP835 billion, an increase of 25% over the budget estimates for the current year 2023-2024, due to high inflation rates. Egypt Purchasing Managers’ Index (PMI) rose from 47.1 in February to 47.6 in March, indicating a softer, but still-solid deterioration in the health of the non oil p...

Market Overview  AMOC ORAS SKPC MFPC AFDI prepared by: Mayada Amin- CETA, CFTe

The IMF is scheduled to complete its third review of Egypt's USD8 billion loan deal by the end of June, and its last review by 2026. The remaining five reviews will take place every six months, with each disbursement programmed to be around USD1.3 billion. Egypt’s GDP growth slowed to 2.3% in 2Q 2023-24, down from 2.65% in 1Q 2023-24 and 3.9% during the same period last year. Net Foreign Asse...

Market Overview  BTFH SUGR SWDY  PHDC HELI MFPC SKPC EFIH ORAS Prepared by: Mayada Amin- CETA, CFTe

The Prime Minister approved a new EGP120 billion program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies. The European Union is looking to deliver the first tranche, EUR1 billion, of the bloc’s pledged EUR5 billion of concessional loans as part of its EUR7.4 billion package to Egypt before next summer. Merchandise circulation in the ports re...

Market overview  TMGH ESRS SWDY EKHO Prepared by: Mayada Amin- CETA, CFTe