Egypt
Net open foreign currency positions rose to 5.7 percent of banks' total capital base in March 2024
Egypt's index for basic pharmaceutical product manufacturing declined 15.13 percent from 92.22 in March to 78.27 in April
June PMI reading confirmed that inflationary pressures on businesses had been greatly suppressed in Q2 of 2024
Egypt welcomed 7.069 million tourists between January and June 2024
Egypt’s net foreign assets record surplus of $14.3 billion in May, first positive reading in 2 years
Egypt's net foreign assets have risen by $43 billion since January due mainly to international support
A major FDI push in Africa is the increase in mega greenfield projects with six projects each at a value of over $5 billion
Egypt targets 3.5 percent primary surplus, 80 percent debt-to-GDP by 2027
Month-on-month prices reached up to $416.57 per ton in June, compared to $270.83 per ton previously
France to host the Egyptian-French Business Forum to support and enhance Egyptian exports to France
Islamic banking now constitutes 5 percent of the total banking sector in Egypt
During the Egyptian-European Investment Conference, Egypt secured a $1.069 billion agreement with the EU
The support aims to boost Egypt's private sector, fiscal resilience, and green growth
Egypt targets $191 billion by 2026 from merchandise exports, tourism and Suez Canal revenues
This partnership will contribute to stimulating Egypt’s private sector participation in diverse projects
This represents a significant increase compared to the previous fiscal year, when the surplus was only $2.43 billion
Decline in shipping through the Suez Canal and tourism to impact 2023-2024 growth
The report cited the recent floating of the pound exchange rate and an enhanced IMF agreement
Egypt's rural inflation declined to 26.7 percent while overall inflation declined to 27.4 percent
Agreement follows approval of $8 billion extended fund facility loan in March
Payment solution offers flexible repayment plans spanning up to 60 months with no down payment
New business levels across Egypt fell at the slowest rate since September 2021 in May
The country's general budget indicators show that total revenues are expected to be EGP2.6 trillion
Of the 19 offers it received, the central bank accepted only 17 with a value of $500.6 million
