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Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.
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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 …
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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,…
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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 …
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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 …
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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 confl…
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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% …
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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 maj…
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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…
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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 ener…
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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-…
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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% durin…
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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 ne…
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Minister of Planning said that priority in the FY2024/25 budget's development plan has been given to establishing and expanding water and food security projects. The Council agreed on the draft budget for FY 2024-25, as well as the budgets of public economic bodies, in preparation for sending them to the House of Representatives. The budget targets…
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The government has begun paying back nearly 20% of the arrears it owes to international oil companies (IOCs) operating in the country, with a structured plan now in place to clear the remaining debt in stages over the coming period. The Emirati company, Dana Gas, revealed that it received USD58 million in dues from Egypt during 2023. The company ad…
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A presidential decree establishing the Supreme Council of Taxes was issued, Minister of Finance announced, to empower the private sector, stimulate investment, and encourage investors to expand their productive and export activities. The government agreed with manufacturers and merchants to start reducing commodity prices by about 15% and 20%, brin…
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Egypt has been listed on the agenda of the Executive Board of the International Monetary Fund next Friday, March 29, expected to approve the program newly agreed by the IMF staff level and the Egyptian government. The CBE, on behalf of the Finance Ministry, sold six-month and one-year EGP-denominated treasury bills worth EGP108.6 billion on Thursda…
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The Ministry of Petroleum announced on Friday an increase in fuel prices affecting various octanes and diesel. Also, the Committee decided to move mazot prices for the brick and cement kiln industries and other sectors by EGP1,500 per ton starting Friday, while keeping prices unchanged for electricity and food sectors. On higher fuel prices, public…
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The Federal Reserve held steady on interest rates at the conclusion of its March meeting, and it’s sticking with its forecast for three interest rate cuts. The government has set up a ministerial committee that will select a consultant to manage, evaluate and market Sharm El Sheikh’s Ras Gamila development project. The committee is expected to make…
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The government is allocating EGP596 billion for subsidies and social support in the next fiscal year. And expects to record a budget deficit of 6% and a primary surplus of 3.5%. The Saudi government approved a MoU between its Finance Ministry and Egyptian counterparts to establish a high-level financial dialogue. According to the Minister of Financ…
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Will EGP flotation trigger drug price revisions? Thoughts on potential impact on producer sales and FVs According to local media, Egyptian drug producers intend to officially request for a price increase of at least 50% during their upcoming meeting with EDA to absorb the rise in production costs. Accordingly, we expect a gradual increase in drug p…
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EU leaders have sealed a EUR7.4 billion deal with Egypt to help boost the economy, in an attempt to bring stability to the region and avert another migration crisis in Europe. Egypt has requested from the IMF USD5 billion as a first tranche it will receive next April. After the float of the EGP, the government has made easing the backlog one of its…
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Egypt's Banking Sector Poised for Another Leap Year Amid Surging Interest Rates We believe that Egyptian banks are well positioned to benefit from the current macroeconomic conditions, and we expect another year of exceptional profits with impact starting to appear in 1Q24. Key Factors Driving Strong Growth: Stronger NIMs: supported by higher yield…
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Egypt expects to receive between USD5-6bn [EUR4.6-EUR6.5bn] in funding from the EU under a major 'cash for migrant control' pact which is set to be finalised this weekend. The IMF intends to provide about USD1.5 billion to Egypt within weeks, within the framework of the loan program that was agreed to increase last Wednesday from USD3 billion to US…
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