Monday Minute: Economic Snapshot

Monday Minute: Economic Snapshot

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

Covering August 7 to August 13.

Headline PMI in Egypt’s non-oil private sector continued to improve in July, as companies experienced growing volumes of new business, according to Emirates NBD.

The annual headline rate of inflation fell to 13.5% in July 2018, down from 14.4% June, figures fom the Central Bank of Egypt (CBE) show.

Egypt will reduce its public debt to 92% of GDP during FY 2018/19, Finance Minister Mohamed Maait has said, according to Amwal Al Ghad.

Private sector companies will be allowed to own just under 50% of public sector holding companies, according to proposed legal amendments published by Al Mal.

Egypt and China will renew the currency swap deal signed in 2016, which saw China swap 16 billion yuan ($2.62 billion) for the equivalent EGP, CBE Governor Tarek Amer has announced, Al Ahram reported.

Egypt’s foreign debt levels reached $88.2 billion at the end of March 2018, rising by $9.1 billion since the end of June 2017, according to Amwal Al Ghad.

The International Finance Corporation invested $1.2 billion in Egypt during FY 2017/18, the group said in a press release.

An Egyptian futures exchange may be launched later in 2018, Vice Chairman of the Financial Regulatory Authority, Khaled El Nashar, told Al Mal.

Vehicle imports increased by almost 75% during the first seven months of 2018, according to Alexandria’s Customs Authority, Al Mal reported.

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