Al Ahly Pharos Al Ahly Pharos

The Federal Reserve held interest rates steady at their current range of 5.25% to 5.5%, and revised its outlook for rate cuts to just one in 2024. The CBE revealed that the balance of foreign investments in Egyptian treasury bills in March, surged to USD32.5 billion, up from about USD13.7 billion in February. Chinese shipping and logistics group Cosco Shipping will invest USD375 mn this year to increase its container capacity at various Egyptian ports. AD Ports will develop, op...

Market Overview CIRASUGRGGCCEGASISMQEXPAAFDIprepared by: Mayada Amin- CETA, CFTe

Egypt is looking to secure a USD 1 bn — or its equivalent in another currency — soft loan from the Brics’ New Development Bank (NDB) by the end of 2024 or the beginning of 2025. The government is also in talks with the NDB over the issuance of local currency-denominated bonds.The government will reportedly launch its new export subsidies program starting in July. The EGX will today launch Egypt’s maiden shariah-compliant index after getting the approval from the Financial Regulatory Auth...

Market Overview OLFIJUFOEFIDBTFHPrepared by: Mayada Amin- CETA, CFTe

May 2024 saw a continued decline in the annual urban inflation, falling to 28.1% from April’s 32.5%. Core inflation, which excludes highly volatile and administered prices, declined for the third consecutive month in May reaching 27.1%, compared to 31.8% in April.The European Bank for Reconstruction and Development (EBRD) will announce a new electricity production project to be carried out in partnership with the private sector. The bank has plans as well to take part in financing a “major” g...

Market Overview HRHOORWEAMOCESRSALCNMFPC JUFOPREPARED BY: Mayada Amin - CETA, CFTe