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.

April 3 Coverage to April 10

The Central Bank of Egypt’s (CBE) Net International Reserves (NIR) registered $37.082 billion as of the end of Mar 2022 compared to $40.994 billion as of the end of February 2022.

Egypt succeeded in achieving a strong growth rate of 9% of GDP in the first half of the current fiscal year 2021/22, despite all the negative repercussions of the coronavirus pandemic, Minister of Finance, Mohamed Maait, said.

Total deposits in the banking system, except for the CBE, rose to EGP 6.5 trillion in December 2021, a 25% increase compared to the EGP 5.2 trillion achieved in December 2020, according to the Information and Decision Support Center (IDSC).

Egypt pays great attention to the innovation-based entrepreneurship sector. In 2021, Egyptian startups succeeded in collecting financing deals valued at $491 million through 147 venture capital deals, IDSC announced.

The total fintech market in Egypt is ranging between 62 million and 74 million users, according to IDSC.

The Egyptian-Japanese volume of trade exchange reached $1.5 billion last year, with a growth rate of 13%, IDSC said.

Egypt contributes to the capital of the special account to finance small and medium private sector projects in the Arab countries, with a value of $20 million, according to the Ministry of International Cooperation (MOIC).

Sarah Samir 2790 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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