The CBE is mulling a handful of options as part of its strategy to increase FX liquidity. The options reportedly on the table include:
1. Offering service and funding incentives in exchange for tourism operators and hotels depositing their FX in local banks;
2. Launching USD-denominated savings schemes for Egyptian expats;
3. Easing banks’ regulatory requirements (including KYC regulations) for customers making USD deposits;
4. Mulling the use of USD derivatives.
Egypt’s economy grew by 4.4% YoY in 1QFY2022/23,Planning Minister said. The Planning Ministry is now expecting the economy to grow by around 5.0% in the full FY2022/23, down from the 5.5% expected earlier in the budget.
BP has been awarded gas exploration rights in two offshore blocks in the Mediterranean Sea. The company has now been awarded four blocks so far this year, along with a block extension.
Pachin will brief shareholders on acquisition offers it has received in its ordinary general assembly on Tuesday, 20 December. Dubai-based National Paints Holdings is offering to purchase 100% of Pachin for EGP29 per share, far outbidding earlier offers.
The CBE extended the deadline that requires banks to increase the portion of SME’s loans to 25% of their total loan portfolio to December 2023.
Less than 6.1k passenger vehicles were sold during the month of October, down 69% YoY, according to AMIC figures.
Feed supply shortages continue casting pressure on selling prices, despite the Ministry of Agriculture reaching an agreement with the central bank to release all commodities inventory stocked at the ports.
The Egyptian Holding Company for Silos and Storage and the Agricultural Bank of Egypt are setting up a new company for silos and warehouses named Ard Misr (Egypt’s Land), according to a Supply Ministry statement.
Damietta Port Authority plans to launch a tender during the next month to start connecting the utilities to "Tahya Misr" container terminal.
The Holding Company for Maritime and Land Transport is planning two tenders for the supply of wires for berth and yard cranes at three container terminals during the next month.
Weekly Commodities Update:
| Chems & Petchems | | Last Price | WoW Change, %
| Brent, USD/bbl | 81.0 | -6.7%
| Diesel-HSFO Spread, USD/ton | 532.0 | -7.5%
| Egypt Urea, USD/ton | 560.0 | -1.3%
| Polyethylene, USD/ton | 1,030.0 | -4.6%
| Polypropylene, USD/ton | 930.0 | -1.6%
| Steel/Iron Ore Spreads, USD/ton | 441.8 | 2.0%
| LME Aluminum Cash Price, USD/ton | 2,329.6 | -1.1%
| Egyptian Retail Cement, EGP/ton | 1,624.0 | 0.0%
| Steam Coal FOB Newcastle Australia, USD/ton | 349.4 | -0.5%
| SMP, USD/MT | 3,057.0 | 2.9%