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 6 to October 12 Coverage:

Central Bank of Egypt (CBE) announced that the annual headline inflation recorded 3.7% in September compared to 3.4% in August, noting that inflation rates are still considered at low levels.

CBE stated that Egypt’s Net International Reserves (NIR) reached $38.4 billion in September, witnessing a slight rise for the fourth consecutive month compared to $38.37 billion in August.

The Cabinet stated that EGP 600 billion have been directed for Sinai’s development, reconstruction, and infrastructure since 2014.

The Minister of Planning and Economic Development (MPED), Hala El Saeed, mentioned that the ministry allocated EGP 9.76 billion from the budget of fiscal year (FY) 2020/21 towards the wholesale and retail trade sector. The allocated investments represent 1.3% of public investments.

Ministry of International Cooperation (MOIC) announced that the European Bank for Reconstruction and Development (EBRD) seeks to increase its annual funding in Egypt to about EUR 13 billion instead of EUR 10 billion in 2019, to support Egypt in facing the pandemic.

EBRD’s investments in Egypt in 2019 reached EUR 1.2 billion in 23 projects, of which 80% were allocated for the private sector.

The Ministry of Agriculture and Land Reclamation (MALR) announced that Egypt’s agriculture exports volume increased to more than 4.3 million tons of agricultural products during the period from January to the beginning of October, despite coronavirus outbreak, the Cabinet stated.

The US Department of Commerce declared that the US imposed a $2 billion tariff on Egypt and 17 other countries in the aluminum sheet export, to prevent dumping in the US market.


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