Monday Minute: Economic Snapshot

Monday Minute: Economic Snapshot
Ryerson Economics

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

Covering: February 12th to February 19th

Banque Misr halted issuing savings certificates with a yield of 20% and replaced them with certificates of return of 17%, according to Shorouk News.

Eni’s financial director said the company has completed the sale of shares in Zohr field and is selling an additional share of 10%, according to Shorouk News.

Egypt achieved a trade surplus of $317 million with Tunisia in 2017, compared with $123 million in 2016, Minister of Trade, Tarek Kabil, announced, according to Egypt Today.

The Central Bank of Egypt issued EGP 15 billion in treasury bonds. The first issue of 91-day treasury bills will be worth EGP 7 billion and EGP 8 billion for 273 days, according to Amwal El-Ghad.

Remittances from Egyptians abroad increased by 29.3% Y.o.Y in December 2017 to $2.6 billion, up from $2 billion in December 2016, the Central Bank of Egypt announced, according to Ahram Online.

Saudi Arabia seizes 15% of total Egyptian agricultural exports in 2017, despite decrease in the exports volume by 14% from $383 million in 2016 to $329 million in 2017, according to Amwal El-Ghad.

The governor of Beheira, Nadia Abdu, approved the establishment of 11 investment projects at a cost of EGP 388 million, according to Shorouk News.

The governor of Marsa Matruh announced launching an international medical city in Matruh with American and Egyptian investments, with investment costs $350 million, according to Shorouk News.


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