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.

October 1 to October 7 Coverage:

Net international reserves reached around $45117.9 million at the end of September 2019, according to the CBE.

Mohamed Maait, the Minister of Finance, issued a statement to the concerned entities stressing the necessity of implementing the Prime Minister’s decree number 1627 of 2019, which raised the minimum wages for total job grades to EGP 2,000 starting from July 1, 2019.

The Cabinet approved a draft law issuing the Central Bank and the Banking System Law to promote the economic development in Egypt and cope with the global variations in the banking arena.

The Sustainable Development plan for FY 2019/20 aims to increase the investments of Suez Canal to reach EGP 9.6 billion, according to the MPMAR Facebook page.

The growth of the foreign currency reserves, reaching more than $45 billion, enhances Egypt’s credit rating and the confidence of foreigners and lenders in the Egyptian market, according to Ahram gate.

In the ninth month of applying ‘Zero Customs,’ Alexandria Customs managed to release cars worth around EGP 4.4 billion in September 2019, according to the Minister of Finance.

For the third consecutive year, Egypt is selected as the most attractive destination for investments in Africa, according to a report by Rand Merchant Bank, the MPMAR Facebook page reported.


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