A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
November 12 to November 18 Coverage:
The MPC decided to cut interest rates by 100 basis points. Accordingly, the overnight deposit rate, overnight lending rate, the main operation rate, and the discount rate dropped, reaching 13.25%, 14.25%, 13.75%, and 13.75%, respectively.
CAPMAS revealed that trade balance deficit declined by 25.8%, recording around $3.51 billion during August 2019, down from $4.73 billion during the same month a year before.
The value of trade exchange between Egypt and the remaining countries worldwide dropped by 7%, recording $67 billion during the first eight months of 2019, compared to $72 billion achieved in the same period a year before. Almal reported citing CAPMAS.
The Ministry of Finance has issued the main rules and bases that must be considered while preparing the budget draft for FY 2020/21.
The MPMAR Facebook page highlighted that, according to UNCTAD, Egypt has attracted FDIs worth around $3.6 billion and is considered the most attractive country for FDIs in Africa during H1 2019.
One of the economic reform program achievements is the decline in Egypt’s inflation rate, which is considered the lowest level reached in the last nine years, the MPMAR Facebook page revealed citing Bloomberg.
Bloomberg revealed that the Egyptian Pound has been ranked the second globally, in terms of best level performance during 2019, according to the MPMAR Facebook page.