Prime Minister has issued a number of regulations for state bodies to rationalize public expenditure amid the ongoing global economic crisis. Any new national projects that require significant FX expenditure, and where construction has yet to begin, will be delayed, according to the decision. Any FX spending at all by the ministries in question and their authorities will also require the Finance Ministry’s approval. The regulations do not, however, apply to a number of state bodies, including the ministries of defense, interior, and health, as well as the authorities belonging to them.
Annual urban inflation jumped to 21.3% YoY in December, up from 18.7% in November, recording a monthly rate of 2.1% in December, slightly lower than 2.29% in November.
The official EGP-USD exchange settled at EGP27.63 versus EGP27.11 on Thursday.
Savers have now invested some EGP 155 bn into the high-yield 25% CDs released by NBE and Banque Misr.
Suez Canal is targeting revenues of USD 8.7 bn in 2023, +10% YoY.
Egypt was cited as one of the most attractive tourist destinations in 2023.
GAFI intends to reduce the duration for obtaining the golden license so that it does not exceed 30 days instead of the previous 3 months.
Reminder: The IMF will hold a virtual press conference on its USD3 billion financial assistance program with Egypt today at 4 pm CLT.
Beshay Steel raised prices by more than 15% to EGP 27.46k per ton, after the latest weakening of the EGP.
GB Lease closed a 3 tranches securitization bond issuance of EGP1.7 bn backed by a receivables portfolio of EGP 2.4 bn.
PACH gave Compass Capital the green light to start due diligence.
Speed Medical will discuss selling down its stake in Speed Hospital in Obour, in which it owns 80%, in an extraordinary general meeting on 2 February.
Weekly Commodity Update:
Brent, USD/bbl 81.0 -5.7%
Diesel-HSFO Spread, USD/ton 537.6 -11.3%
Egypt Urea, USD/ton 502.5 -8.9%
Polyethylene, USD/ton 1,100.0 2.8%
Polypropylene, USD/ton 977.5 1.0%
Steel/Iron Ore Spreads, USD/ton 479.4 6.0%
LME Aluminum Cash Price, USD/ton 2,264.3 -3.6%
Egyptian Retail Cement, EGP/ton 1,885.0 0.0%
Steam Coal, USD/ton 395.9 -2.1%
Crude Palm Oil, USD/MT 930.5 -2.5%
SMP, USD/MT 2,838.0 -4.3%