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.

January 5 Coverage to January 11:

Egypt’s Net International Reserves (NIR) rose to $40.063 billion at the end of December 2020, according to the Central Bank of Egypt (CBE).

CBE stated that the annual headline inflation rate recorded 5.4% in December compared to 5.7% in November.

The IHS Markit Egypt Purchasing Managers’ Index (PMI) posted 48.2 in December, which decreased from 50.9 in November due to a sharp downturn caused by the pandemic.

The Ministry of Planning and Economic Development (MPED) allocated EGP 49 million to build a Nile marina in front of Mohamed Ali’s palace in fiscal year (FY) 2020/21.

MPED approved EGP 50 million to launch Digital Egypt Builders Initiative in FY 2020/21 plan.

MPED announced that the total investments to the telecommunications sector in FY 2020/21 plan amounted to EGP 10 billion with a 300% increase compared to FY 2019/20’s plan.

The Minister of Planning and Economic Development, Hala El Said, announced that NI Capital Holding Company, launched its first cash fund, ‘Seyola’ cash investment fund, with a minimum purchase of EGP 1,000 and without a ceiling.

‘Seyola’ cash investment fund targeted investments that range between EGP 50 to EGP 100 million.

The Minister of Housing, Utilities and Urban Communities, Assem El Gazzar, announced that 4,416 residential units were completed worth about EGP 1.3 billion in Al-Salam district.

The Minister of Agriculture and Land Reclamation, El Sayed El Quseir, approved a funding of EGP 59.5 million through the Agricultural Bank of Egypt (ABE) to establish and develop 42 milk collection centers in six different governorates.

The Ministry of International Cooperation (MOIC) held a large number of international agreements worth $9.9 billion during 2020.


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