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 December 4 to December 10.

Headline inflation fell to 15.6% year-on-year in November 2018, down from 17.5% in October, figures published by the Central Agency for Public Mobilization and Statistics (CAPMAS) reveal.

Egypt’s foreign reserves rose to $44.51 billion in November 2018, up slightly from $44.5 billion in October, official figures published by the Central Bank of Egypt show.

The Ministry of Finance is looking to extend the average maturity period of state debt to 3.5 years by the end of fiscal year 2018/19, according to deputy finance minister Ahmed Kouchouk, Reuters reported.

Business activity in non-oil sectors contracted for the third month in a row in October, despite improving slightly from September, according to the latest Purchasing Managers’ Index from Emirates NBD.

The World Bank has announced a new $1 billion loan to assist the Egyptian government to deliver private sector reform, according to a press release.

The International Finance Corporation’s (IFC) investments in Egypt are set to increase to $1 billion during the first half of 2019, Moaed Makhlouf, officer in the IFC’s MENA office, has said, according to Al Mal.

Four international financial institutions have expressed interest in purchasing stakes in Banque du Caire following its initial public offering, CEO Tarek Fayed has said, Al Borsa reported.

Elsewedy is to develop a EGP 10 billion industrial zone in the Suez Canal Economic Zone near Ain Sokhna, the company said in a bourse filing.

Egypt is to sign a $51.4 million deal with the EU to support the country’s small and medium-sized businesses, the executive director of Egypt’s Micro, Small and Medium Enterprise Development Agency has said, according to Al Ahram.


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