A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
Covering December 11th to December 17th.
1) Yields on three- and seven-year bonds fell last week. Yields on three-year bonds averaged 16.094% and yields on seven-year bonds averaged 16.114%, Ahram Online reports.
2) Egypt raised $1.149 billion through a treasury auction of one-year bonds. The average yield was 3.495%, according to Ahram Online.
3) Foreign holdings of Egyptian securities have risen to $19 billion, Reuters reports.
4) Russia and Egypt signed a new aviation agreement that should permit direct flights from Moscow to Cairo to resume in February, according to Reuters.
5) The government updated its ergot policy, removing a previous bone of contention between the government and Egypt’s grain suppliers, Reuters reports.
6) Egypt and Switzerland signed an agreement that could lead to Swiss investments of approximately $87 million, according to Al Mal News.
7) Trade between Germany and Egypt was valued at €4.4 billion during the first three-quarters of 2017, the Minister of Industry and Trade, Tareq Qabil, said, according to Amwal Al Ghad.
8) Egypt’s banks face a better business climate in 2018 than the banks in many of its African neighbors, according to Moody’s, Amwal Al Ghad reports.
9) Arby’s will be returning to Egypt. The company signed a deal to open 50 restaurants in the country, The Street reports.
11) Egypt has produced its first smart-phone, the Nile X, according to Quartz Africa.
12) The government indicated that it will hike rail prices by next June, Al Mal News reports.
13) The volume of microfinance loans grew by 10% in the third quarter of 2017, reaching EGP 6.1 million, Amwal Al Ghad reports.