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 15 to September 21 Coverage:

The Central Bank of Egypt (CBE) will continue to waive ATM cash withdrawals fees and bank transfers’ fees until the end of 2020 and will bear EGP 50 million withdrawal fees for pensioners. 

The Ministry of Finance (MoF) aims to reduce the state’s overall deficit to reach 6.3% of the Gross Domestic Product (GDP) in fiscal year (FY) 2020/21 budget.

MoF to reduce the public debt ratio of the state’s public budget agencies to 83% of the GDP by June 2021, in addition to achieving an initial surplus of 2% of the GDP.

The state has paid back EGP 7 billion in export arrears; EGP 5.7 billion of the arrears in FY 2019/20 alone and EGP 1.4 billion in the past two months in FY 2020/21 so far, according to the Cabinet.

The state allocated EGP 411.5 million for development projects in the Red Sea in FY 2020/21 budget.

The state allocated investments of EGP 4.09 billion in FY 2020/21 towards developing El-Wadi El-Gedid, which is 41% of public investments directed to Central Upper Egypt.

Bahrain’s Ahli United Bank (AUB) and Misr Strategia submitted an offer to buy 14.52% of the bank’s Egyptian asset from undisclosed parties, according to the Financial Regulatory Authority (FRA).

EFG Hermes and the Sovereign Fund of Egypt (SFE) are set to finalize their acquisition of a 76% stake in the Arab Investment Bank (AIB) before the end of 2020 by increasing AIB’s capital to EGP 5 billion. 



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