Al Ahly Pharos Al Ahly Pharos

Remittances from Egyptians abroad surged 43.8% YoY in April to USD2.2 billion. On a monthly basis, remittances increased for the second consecutive month, rising 2.6%. A number of government officials are reportedly in London today to gauge foreign appetite for fresh debt issuances, including the possibility of a eurobond issuance. The Ministry of Petroleum will launch an international tender to import about 15 shipments of liquefied gas until next October to meet the country’s fuel...

Market Overview ORWEPHDCHRHOSWDY TMGHESRSprepared by: Mayada Amin- CETA, CFTe

Net International Reserves increased to USD46.126 billion in May, the highest on record, up from USD41.1 billion in April. It is known that the second tranche of the Ras El-Hekma deal funds was received by the Egyptian authorities around mid-May.Ministries of Petroleum and Electricity announced they were extending rolling power blackouts across the country for an extra hour on Tuesday to allow for preventative maintenance on its regional gas and power networks and because of increased consump...

Market Overview PHDCHELISWDYFWRYALCNORWEEKHOAprepared by: Mayada Amin- CETA, CFTe

*Key news articles for today*President Al-Sisi reappointed Prime Minister Mostafa Madbouly on Monday to form a new government after the latter submitted his cabinet’s resignation. The House of Representatives gave its seal of approval to the FY 2024-2025 state budget. The government has penciled in growth of 4.2%, up from an estimated 2.9% in FY 2023-2024. Headline inflation is expected to drop to an average of 17.9%, down from a projected 35.7% this FY. The budget deficit is expected to...

Market Overview SUGROCDIGBCOGDWAORHDORWEMASRPrepared by: Mayada Amin- CETA, CFTe