Monday Minute: Economic Snapshot

Monday Minute: Economic Snapshot

A summary of the week’s important macroeconomic updates and indicators on one page, for your convenience.

Covering: January 30th to February 4th

Minister of Electricity and Renewable Resources, Mohamed Shaker, said that the sector managed to upscale its capacity and add 16,000 megawatt to the national grid over the past two and half years, expecting another increase by the end of 2018 to reach a total of 25,000 megawatt, according to Al-Mal news.

Prime Holdings expect the US dollar exchange rate to reach EGP 16.7 by the end of the current fiscal year (FY 2017/2018), according to Al-Mal news.

Egypt’s foreign reserves spiked to reach $38.209 billion at the end of January, up from $37.019 billion at the end of December, the Central Bank of Egypt (CBE) announced, according to Ahram Online.

Investment and International Cooperation Minister, Sahar Nasr, signed a $3 billion agreement with International Islamic Trade Finance Corporation (IITFC) CEO, Hani Salem Sonbol, to fund the import of basic commodities. These include oil, petroleum products and wheat, the ministry announced, according to Ahram Online.

Egypt to issue $4–$5 billion in Eurobonds next week, Finance Minister, Amr el-Garhy, said, according to Egypt Today.

The bi-annual Open Budget Survey, produced by IBP, indexed Egypt’s budget transparency at 41 points out of 100, a hike in 25 points and a six-year high, according to Egypt Today.

The Central Bank of Egypt to issue treasury bonds worth EGP 2.5 billion to finance budget deficit, according to Amwal Al-Ghad.

Egypt’s imports of strategic supply commodities declined in 2017 by 3% to reach $10.6 billion, compared to $10.9 billion in 2016, according to El-Shorouk. 

Minister of Housing Utilities and Urban Communities, Mostafa Madbouli, announced that the total investments in road projects implemented in New Cairo amount to EGP 5.65 billion, of which EGP 1.65 billion was in the FY 2017-2018 budget, and EGP 4 billion in FY 2018-2019 budget, according to El-Shorouk.


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