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.

February 2 Coverage to February 8:

The Central Bank of Egypt (CBE) kept the overnight deposit rate, overnight lending rate, the rate of the main operation, and the discount rate unchanged at 8.25%, 9.25%, 8.75%, and 8.75%, respectively.

CBE stated that the Net International Reserves (NIR) reached $40.1 billion at the end of January 2021.

IHS Markit Egypt Purchasing Managers’ Index (PMI) increased from 48.2 in December 2020 to 48.7 in January.

The Ministry of Planning and Economic Development (MPED) allocated EGP 30.6 billion of public investments towards Giza governorate in the fiscal year (FY) 2020/21 plan, indicating a 29.6% increase over the FY 2019/20 plan. 

In Giza governorate, MPED allocated EGP 10.8 billion to the housing sector, EGP 8.3 billion for the transport sector, EGP 3.96 billion to the antiquities sector, and EGP 3.3 billion for higher education.

MPED allocated EGP 3.75 billion of public investments towards South Sinai governorate in FY 2020/21, a 50% increase over FY 2019/20.

Minister of Finance, Mohamed Maait, stated that Egypt’s tax revenues are expected to amount to EGP 862 billion in FY 2020/21.

CDC Group, UK’s government development finance institution, will invest $100 million in healthcare group Alfa Medical (AMG) alongside healthcare investor Africa Platform Capital.


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