Net foreign assets (NFAs) of the banking system declined from USD-19.4 billion in July to USD-20.09 billion in August (net foreign liabilities (NFLs)) position. We assume those movements are related to the CA deficit.
We expect urban annual inflation to increase to 14.9% YoY (1.4% MoM) on continued increase in some Items including food items and tobacco.
The IMF will release its latest World economic outlook on Wednesday, and will hold their annual meetings in Washington, DC, next week, from 10-16 October.
OPEC+ is expected to cut oil output by more than 1 mn barrels per day to prop up falling oil prices at its meeting on Wednesday (Reuters).
El Sisi asked the central bank to work on new initiatives to attract foreign investments to Egypt and to follow up on import challenges resolution.
The Ministry of Supply and Internal Trade plans to offer 3 investment opportunities to establish 3 oil production complexes at an investment cost of USD321 million.
The Egyptian-Kuwaiti Economic Forum will start today, in the presence of Egyptian and Kuwaiti businessmen.
Saudi Arabia’s sovereign wealth fund has acquired a 34% stake in BTECH from DPI, which had acquired this stake back in July 2016 for USD35 mn.
EGAL reduced its selling prices in the local market by an average of EGP3,700 per ton for the month of October, in light of the decline in global prices by USD200 per ton in September and August and the average FX rate over the same period.
The General Authority for Land and Dry Ports will receive technical proposals from 'Special Group' alliance to manage and operate Damietta dry port this month.