Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot
Ryerson Economics

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

April 30 to May 6 coverage:

The House of Representatives’ Budget and Planning Committee will begin on May 6 discussing the draft budget for FY 2019/2020, Alborsa reports.

The Ministry of Finance has issued its analytical statement for the FY 2019/20 draft budget, the biggest in the country’s history at EGP 1.978 trillion.

The WB extended its partnership with Egypt until the end of 2021, Al Ahram reported.

Foreign exchange reserves totaled $44.218 billion by the end of April, as shown by the CBE data. Meanwhile, foreign currency deposits in local banks increased by $1.3 billion to $42.81 billion in Q1 2019, according to MENAFN.

The Ministry of Finance set the exchange rate of the customs US dollar at EGP 17.2 for May 2019, as per Almal.

The government is introducing a new electronic payment system, in cooperation with the CBE and six commercial banks, according to the Ministry of Finance.



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