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 11 to December 17.

Egypt should allow further private sector investment in public education, health and welfare services if it is to fully benefit from the ongoing economic reform program, a World Bank report has found.

Egypt’s public debt will fall to 6.4% of gross domestic product (GDP) during FY 2019/20, down from 9.4% in FY 2017/18, according to a new report from Fitch Solutions.

The Central Bank of Egypt (CBE) has asked the International Monetary Fund and the World Bank to include the country’s informal economy in their calculations for GDP and other economic indicators, the bank’s deputy governor Gamal Negm has said, Reuters reported.

High interest rates remain the biggest obstacle to attracting investment into the real economy, Senior Portfolio Manager at Emirates NBD, Marwan Haddad, told Bloomberg TV.

The cost of insuring Egyptian debt has risen to its highest level since August 2017, Markit data shows, according to Reuters.

Egyptians living abroad are expected to send $25.7 billion in remittances in 2018, making Egypt one of the top receivers of remittances in the world, according to a World Bank report.

The CBE plans to launch a EGP 1 billion fund to invest in innovative projects in 2019, bank governor Tarek Amer has said, according to Amwal Al Ghad.

The government is considering legislation that would grant it the power to freeze corporate and personal bank accounts of people accused of tax fraud, Minister of Finance Mohamed Maait has announced, Al Mal reported.

The CBE is conducting feasibility studies into issuing digital currency, sub governor Ayman Hussein has said, according to Amwal Al Ghad.


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