A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering June 26 to July 2.
The Monetary Policy Committee has voted to leave interest rates unchanged for July 2018, the Central Bank of Egypt (CBE) announced in a press release.
The IMF has approved the release of the fourth tranche of Egypt’s $12 billion loan, worth $2.02 billion, Reuters reported.
Egypt’s current account deficit shrank from $3.1 billion to $1.93 billion in Q3 FY 2017/18, driven by increased revenues in the tourism sector, Reuters reported.
The CBE has begun a debt relief program that could forgive up to EGP 16.2 billion in interest rate debt held by state-owned banks, according to a CBE statement.
Net foreign direct investment into Egypt recorded $6 billion during the first nine months of FY 2017/18, according to the CBE.
The government will begin the first round of its privatization program in July or August, Minister of Finance Mohamed Maait told Enterprise.
The Egyptian Exchange has doubled the daily limit on intraday trading from 0.005% to 0.01%, the exchange said in a press statement.
Egyptian and Russian companies will begin the construction of the 4.8 GW Dabaa nuclear power plant by 2021, an official told Reuters.
Egyptian GDP will reach 7% over the coming years, President Abdel Fattah El Sisi said in a speech, Mubasher reports.