Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot

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

Monday Minutes from September 13 to September 19

The Central Bank of Egypt (CBE) decided to keep the overnight deposit rate, overnight lending rate, the rate of the main operation and the discount rate unchanged at 8.25%, 9.25%, 8.75% and 8.75% respectively.

Egypt targets to reduce its budget deficit to 6.8% of the Gross Domestic Product (GDP) during the fiscal year (FY) 2021/22, the Minister of Finance, Mohamed Maait announced.

Suez Canal revenues in August reached $563 million, increasing by 20.3%, compared to $468 million at the same period last year, the Suez Canal Authority (SCA) announced.

Egypt’s real GDP growth grew in Q2 2021, reaching a preliminary figure of 7.7%, compared to last year’s negative 1.7%, CBE announced.

Egypt’s Medium, Small and Micro Enterprise Development Agency (MSMEDA) aims to direct EGP 1.4 billion to finance 60,000 projects and provide 100,000 job opportunities, the Minister of Trade, Nevine Gamea announced.

MSMEDA pumped EGP 424.6 million to develop the infrastructure of the targeted villages during H1 2021, the Minister of Trade, Nevine Gamea announced.

Egypt’s current cooperation with the African Development Bank (AfDB) amounts to $6.74 billion, to finance 107 development projects, the Ministry of International Cooperation (MOIC) stated.

The Egyptian Customs Authority collected  EGP 3.42 billion in taxes, customs duties and other fees at Ain Sokhna Port last August, the Ministry of Finance declared.

MOIC signed a development financing agreement worth EUR 145 million with AfDB to develop efficiency and safety of Egypt’s railways, benefiting the Ministry of Transportation, MOIC announced.

The Egyptian-Libyan Joint Higher Committee concluded its meeting by signing 14 joint memoranda of understanding and 6 executive contracts, the Cabinet said.

MOIC signed a EUR 109 million development financing agreement with AfDB to develop sanitation services in Luxor governorate, MOIC said.

Sarah Samir 2747 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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