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.

July 09 to July 15 Coverage:

The CBE decided to leave interest rates on hold. The overnight deposit rate, overnight lending rate, the rate of the main operation, and the discount rate remained unchanged at 15.75%, 16.75%, 16.25% and 16.25%, respectively.

The monthly inflation rate has declined by 10% in June 2019, compared to May 2019. Moreover, the annual inflation rate recorded 8.9% in June 2019, down from 13.8% in the same month a year before, CAPMAS revealed.

CAPMAS announced recording an increase in the trade balance deficit by 6.8% to reach $3.87 billion, up from $3.63 billion recorded in the same month a year before.

The Egyptian Parliament approved the amendments on the stamp tax law aimed at fixing it at 1.5 per thousand until May 16, 2020, Reuters reported.

The Ministry of Finance has recorded an initial surplus of around EGP 58.2 billion during the first 11 months of FY 2018/19, representing 1.1% of the GDP growth rate, Almal reported.

Egypt has achieved the third place globally for economic growth rates in the Economist list, according to the Cabinet.

The Cabinet has decided the minimum wage rates for the employees in governmental entities, starting from July 2019.


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