Al Ahly Pharos

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 the government will obtain partial financing for the program worth USD250 million to cover the operating cost.

Minister of Finance said that Egypt will receive about USD20 billion from the disbursement of the second tranche of the R...

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 to restart a number of stalled state projects building social housing, waste management facilities, and water infrastructure.

Qatar and Algeria will become our two main sources of LNG, as the government seeks to...

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 expected to record 4.2% in FY2024/25.

The Renewable Energy Authority and the Sovereign Fund of Egypt are planning to open up bidding for the second half of the Zafarana...

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 would provide Egypt with EUR1 billion (USD1.07 billion) in short-term financial aid to help stabilize the country's economy.

Three exchange companies affiliated with the three largest government banks att...

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 commercial bank.

The proceeds of FX concessions at three exchange companies affiliated with the three largest government banks recorded EGP11.246 billion since the liberalization of the FX rate...

Market Overview