A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering May 8th to May 14th.
The European Bank for Reconstruction and Development has upgraded its 2017/18 growth forecasts for the Egyptian economy to 5.3%, up from 4.5%.
US credit rating agency Standard & Poor’s (S&P) has raised Egypt’s debt rating to a B, Asharq Al-Awsat reported.
Finance Minister Amr El Garhy said that S&P’s decision was a “testament of confidence” in the government’s economic reform program, according to Al Ahram.
Egyptian core inflation rose slightly from 11.59% in March 2018 to 11.62% in April 2018, Reuters reported.
The governor of the Central Bank of Egypt (CBE), Tarek Amer, said there has been $120 billion of foreign investment in Egypt since the floatation of the currency in November 2016, according to Reuters.
Governor Tarek Amer said that the CBE will intervene in the foreign exchange market if rates move beyond “acceptable” ranges during a roundtable with the IMF and Finance Minister Amr El Garhy.
Around 67,000 individuals and 5,000 factories will have their debts forgiven, the CBE has announced, according to Al Ahram.
The International Finance Corporation will invest $1.5 billion into the Egyptian private sector in 2018, Enterprise reports.
A consortium of local and international companies will send a joint letter to the Egyptian president and prime minister to request that the government pay out more than two years-worth of export subsidies, Al Mal reports.
The Egyptian Ministry of Finance is working to introduce legislation that will speed up the country’s transition towards a cashless economy, Al Borsa reported.