Al Ahly Pharos

Egypt successfully closed its maiden Samurai bond issuance, selling USD500 million of the JPY-denominated bonds, with a maturity of five years and a coupon rate of 0.85% Expectations indicate that the fuel pricing committee will meet before the end of March, to determine the new prices for gasoline and diesel Prime Minister has notified ministers, governors, and state officials that in April they...

- Market Overview - COMI - HELI - ABUK - AMOC - HRHO - EFIH - ESRS - TMGH Prepared by: Mayada Amin- CETA, CFTe

The IMF said it is working closely with the Egyptian authorities; Egypt is negotiating a program of support and technical advice” that “may include additional financing The EGP strengthened a bit against the USD yesterday, settling at EGP 18.42 Ministry of Electricity plans to review the tariff structure for selling electricity to consumers in July, considering EGP weakness and higher gas prices I...

- Market Overview _ Prepared by: Mayada Amin - CETA, CFTe

The EGP eased another 1.6% against the greenback yesterday, settling at EGP 18.57 Moody's considered that the CBE will help protect the country's FX reserves and secure a new program with the IMF  Ministry of Finance plans to sell USD500 million in JPY-denominated bonds in Japan on Thursday The government revised downwards its GDP forecast for FY2022-23 to 5.5% down from the 5.7%  Suez C...

- Market Overview - COMI - EFIH - FWRY - ADIB - HRHO - SKPC - SWDY - EAST - Prepared by: Mayada Amin - CETA, CFTe

CBE allowed the EGP to fall 16% against the USD to EGP 18.27 to the USD CBE raised interest rates by 100 bps at a special monetary policy meeting National Bank of Egypt and Bank Misr offer one-year certificates of deposit at 18% yield The government is re-introducing the monthly customs exchange rate, setting it at EGP 16 for imports of basic commodities and materials used for manufacturing Which...

- Market overview  - COMI - CIEB - EKHO - ETEL - ABUK - HRHO - HELI - Prepared by: Mayada Amin - CETA, CFTe

Ministry of Finance has revised its fiscal targets for FY2022/23 to 6.3% of GDP, compared to a previous target of 6.1%, and the primary surplus to 1.5% down from 2% President El-Sisi directed the government to prepare a package of financial and social protection measures to mitigate the effects of global economic repercussions on citizens Foreign holdings of T-bills increased in January 2022 by ab...

- Market Overview  - ABUK - AMOC - AUTO - CCAP - COMI - HRHO - MFPC Prepared by: Mayada Amin -CETA, CFTe

It is MPC Week. We expect the CBE to prefer to act aggressively with a 150-bps hike, trying to anchor inflation outlook as well as debt competitiveness on an even keel in light of global monetary tightening. Egyptian officials are in talks with the IMF over potential forms of a new assistance program, which could be either a precautionary and liquidity line or a non-financial policy coordination i...

- Market overview  - COMI - ETEL - HELI - HRHO - EAST - EFIH - CCAP - SWDY -,prepared by: Mayada Amin - CETA, CFTe

Federal Reserve raised interest rates by 25 bps at its policy meeting; Six hikes remaining meetings this year; US stocks rallied; Oil prices were negatively impacted  Egypt and Saudi Arabia signed an agreement to expedite the completion of procedures related to investment in Egypt through the Saudi Public Investment Fund (PIF) Fitch: Egypt faces a higher likelihood of taking on new funding from th...

- Market Overview - COMI - AMOC - FWRY - ESRS - By: Mayada Amin - CETA, CFTe

IMF denied that Egypt had applied for a new loan to face the repercussions of the Russian-Ukrainian war and high inflation Prime Minister granted incentives for investment activities related to the green economy, artificial intelligence, innovation support; Focus is on projects in the electricity and renewable energy sector, the education, and sports sectors Trade deficit declined in December 2021...

- Market Overview - COMI - ABUK - MNHD - HELI

Planning Minister: Egypt is not “yet” in talks with the IMF over a fresh loan LNG carriers will pay the full rate to transit the Suez Canal starting today The government is now aiming to buy more than 6 mn tons of domestic wheat this harvest season Remittances from Egyptians abroad rose 6.4% in 2021 to a record USD 31.5 bn The Fuel Pricing Committee started evaluating the rise of oil over gasoline...

- Market Overview  - Prepared by: Mayada Amin- CFTe, CETA

Cabinet approved the non-compliance of fertilizer companies to provide another 10% share of their production, other than the 55% subsidized quota, to the local market until May 1st; Companies are now allowed to export 45% of their production Electricity and energy generation stations have expanded the use of mazut, as an alternative fuel to natural gas in power plants, beyond March 2022 Norwegian...

- Market Overview - COMI - ADIB - HRHO - HELI - AMOC - ABUK - Prepared by:  Mayada Amin - CETA, CFTe

The IMF is in talks with the government on how to cushion Egypt from the fallout from Russia’s invasion of Ukraine Trade Ministry has banned the export of staple food commodities for three months as it looks to shore up supplies amid turmoil in the global food market  The annual core inflation rate, which excludes volatile and administered goods' prices, recorded 7.2% in February, compared to...

- Market Overview - COMI - ABUK - AMOC - EAST Prepared by : Mayada Amin - CETA, CFTe

Inflation for February: Annual urban inflation jumped to 8.8% compared to 7.2% in January; Monthly reading is 1.6% up from 0.9% in January, on soaring food prices, and unfavorable base effect The government will try to absorb the costs of the rising commodity prices “as much as possible” and relieve the inflationary impact on the public The government budget has EGP170 billion of emergency provisi...

- Market Overview  - COMI - Prepared by: Mayada Amin - CETA, CFTe

Wheat reserves should cover Egypt's needs for 8 months, after accounting for locally sourced quantities; No need for any additional wheat shipments in the short term The CBE's, newly released, External Position Report for September 2021, revealed that it extended the tenor of two Saudi deposits, worth USD2.3 billion, until October 2026 The government could consider introducing price cont...