Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot

March 13 Coverage to March 20

The Central Bank of Egypt (CBE) announced the decision of its Monetary Policy Committee (MPC) to raise the overnight deposit rate, the overnight lending rate, and the rate of the main operation by 100 basis points to 9.25%, 10.25%, and 9.75%, respectively. In addition, the discount rate was raised by 100 basis points to 9.75%.

The price of the US Dollar (USD) against the Egyptian pound (EGP) has increased to EGP 18.15 for buying and EGP 18.25 for selling, according to the National Bank of Egypt.


Minister of Trade and Industry Nevine Gamea pointed out that Egyptian exports to Saudi Arabia increased by 17.4% reaching $1.995 billion in 2021, compared to $1.699 billion in 2020, according to the Egyptian Cabinet. 


The Suez Canal Authority (SCA) increased tolls for ships crossing the Suez Canal by 6% in 2022, expecting growth in the global economy, trade, and demand for maritime transport Information and Decision Support Center said. Tourist cruise ships will be excluded from this increase and will get a 50% discount on the condition that they stop at an Egyptian port. 


For the first time, Egypt witnessed investments exceeding the EGP 1 trillion threshold for fiscal year (FY) 2021/22 reaching EGP 1.250 trillion, according to the Ministry of Planning and Economic.


Remittances from Egyptians working abroad have witnessed a significant 72% increase in recent years from $18.3 billion in 2015 to $31.5 billion in 2021, according to the Information and Decision Support Center.


Minister of International Cooperation Rania Al-Mashat emphasized the importance of closing the gender gap in partnership with the World Economic Forum and the National Council for Women, stating that Egypt is the first country in the MENA region to excel in such an initiative with the participation of 100 private sector companies. 


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