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.

May 28 to June 3:

The Ministry of Finance has kept the customs USD exchange rate for essential imports unchanged at EGP 16 throughout the month of June.

The CBE announced a rise in remittances from Egyptians abroad by 23.3% in March, reaching $2.3 billion up from $1.8 billion a month before, Almal reported.

The Ministry of Finance plans to raise revenues from car taxes by 70.7% in FY 2019/2020 to EGP 9.645 billion, compared to EGP 5.65 billion for FY 2018/19, Alshourouk reported.

A subcommittee of the House of Representatives’ Planning and Budget Committee received various ministerial draft budgets for FY 2019/20, Alborsa reported.

Bilateral trade between Egypt and South Africa grew by 4.8% in 2018, reaching $290.8 million, up from $277.5 million in 2017, according to Almal.

EGX lost around EGP 63.7 billion in May, reaching a market capital of EGP 745 billion, as the benchmark index EGX30 declined by 7.7% during the month, Akhbar Elyom reported.



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