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.

September 8 to September 14 Coverage:

The Central Bank of Egypt (CBE) stated that the annual core inflation recorded 0.8% in August compared to 0.7% in July. Meanwhile, the annual headline inflation rate recorded 3.4% in August compared to 4.2% in July.

CBE stated that the net international reserves (NIR) reached $38.36 billion at the end of August. 

An EGP 30 billion sub-fund of the Sovereign Fund of Egypt (SFE) will be established and dedicated to investing in the non-banking financial services sector, the Cabinet stated.

The General Authority for Investment and Free Zones (GAFI) approved 22 new projects in the Industrial Development Group (IDG) valued at EGP 600 million, according to the Cabinet.

The Ministry of Finance (MoF) targets increasing the tax-to-GDP ratio by 2.5% within five years from 14% to 16.5%. However, the ministry confirmed that this does not mean it will increase taxes.

The tax exemption rate increased by 60%; exempting anyone with an annual income of EGP 24,000 or below, MoF stated.

The European Bank for Reconstruction and Development (EBRD) has approved a $25 million loan to Orascom Construction for two years.

Bahrain’s Arab Banking Corporation (Bank ABC) is in talks to acquire the Egyptian asset of Blom Bank at $250-300 million. 

Egyptian exports to Brazil have surged 74% three years after the Egypt-Mercosur free trade agreement was signed.

Egypt Kuwait Holding (EKH) increased its Delta Insurance’s shares to 61.5% from 56.5%; purchasing 1.57 million shares for an EGP 36.2 million. 



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