A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering October 31st to November 5th.
1) Foreign reserves hit $36.703 billion at the end of October, a new high for Egypt, Ahram Online reports.
2) Egypt’s money supply was up 39.72% y.o.y at the end of September, according to Ahram Online.
3) Egypt’s financial situation is stronger now than it was in 2010, according to the Governor of the CBE, Tarek Amer, Ahram Online reports.
4) The government paid off the final $200 million of a $1 billion loan from Turkey and made a payment of $250 million toward a $1.5 billion loan from Libya, an official at the CBE said, according to Amwal Al Ghad.
5) Trade with Cyprus rose 42.4% y.o.y. to $48.1 million during the first seven months of the year, Amwal Al Ghad reports. During the same time period, non-oil exports to Greece increased 39% to 136.6 million euros, the newspaper reports.
7) Non-Egyptians have invested EGP 13 billion in the EGX since the floatation of the EGP, the Chairman of the EGX, Mohamed Farid, said, according to Amwal Al Ghad.
8) Foreign purchases of Egyptian securities hit $18.8 billion in October, Reuters reports.
9) Egypt fell six places to 128th out of 190 on the World Bank’s Doing Business Report, Al Mal News reports.
10) Business confidence rose to a 26-month high in October, Zawya reports, but remained below 50% on the Emirates NBD Egypt Purchasing Managers Index.
11) The rate of inflation should halve over the next year, the Governor of the CBE, Tarek Amer, predicted, according to Al Mal News.
12) The floatation of the pound caused the government to spend over EGP 100 million more than planned during the previous financial year, sources told Reuters.
13) Egypt imports $10 to $12 billion dollars of foodstuffs per year, the Governor of the CBE, Tarek Amer, said, Amwal Al Ghad reports.
14) The government will pay global prices for wheat purchased from Egyptian farmers next year, Reuters reports.
15) Jordan lifted a ban on potato imports from Egypt, the Ministry of Agriculture announced, according to Ahram Online. Similarly, Australia opened its markets to Egypt’s citrus products, Al Shorouk News reports.
16) Egypt’s exchange rate at customs will remain at EGP 16 to one US dollar during the month of November, Al Mal News reports.
17) Companies must navigate updated regulations before issuing shares on the EGX, Ahram Online reports.
18) DP World is prepared to invest $6 billion in the development of the Suez economic zone, Hany Sarai El Deen said, according to Al Mal News.
19) Canal Shipping Agencies registered profits of EGP 35.7 million for the first quarter of FY 2017/2018, nearly double its profits from same period in FY 2016/2017 as measured in EGP, Amwal El Ghad reports.
20) The number of mobile subscribers fell from 99.86 million in July to 99.5 million in August, according to Amwal El Ghad.
21) The World Youth Forum Conference began on Sunday, attracting participants from 113 countries, according to Egypt Independent.
22) The US is extending a $30 million grant to Egypt to support entrepreneurship and youth development, Al Shorouk reports.