Yesterday, the EGP fell to 32.20 to the USD before rebounding to close at 29.76. On the same day, the banking sector saw USD650-750 million change hands through the interbank market yesterday — as much as five times the recent daily average. Banks received strong inflows of foreign currency during yesterday's trading, with a value of more than USD250 million from major international institutions.
The government is planning a EGP150 billion subsidized loan program for industry and agriculture, with loans at a subsidized 11% interest rate.
The government cleared imports worth USD1.5 billion from our ports in the first 10 days of January, putting the total value of goods cleared since 1 December at USD8.5 billion.
QNBA 4Q22 net profit recorded EGP3,019 million (+74% y/y, +17% q/q), bringing 2022 bottom line to EGP10,350 million (+34% y/y).
QNBA launched 18-month, 22.5%-yield certificates of deposit yesterday.
COMI increased its issued and paid-in capital by EGP165 million to reach EGP30 billion, distributed over 16.5 million shares which will be issued to employees and execs as part of its rewards program.
EGAL raised its selling prices in the local market to EGP93-94k per ton excluding VAT effective January 9 and till the end of the month.
Suez Steel, Egyptian Steel, and other major manufacturers joined ESRS and Beshay Steel in hiking their steel prices this week, raising them by around EGP2.5k per ton.
The Water Stations Company of the Ministry of Electricity and Energy decided to postpone receiving financial offers from international consortia competing for the tender to develop and modernize the transformer stations of the High Dam and the Aswan tank 1 and 2 until March, at the request of two international consortia.
Al Ahly CIRA is partnering with Toronto-based Seneca College to bring two branches of the Canadian applied arts and technology college to Egypt.
The Ministry of Finance is considering postponing the previously set incentives for locally produced cars.
GB Auto raised their selling prices for their brand Chery by EGP40-85k for all models, while the selling prices of Hyundai Accent HCI and Bayon were raised by EGP50-135k.
ETEL is looking at future flow securities as a potential funding tool to help fund its expansions and investments.
The Minister of Telecommunications and Information Technology is wrapping up his visit to India to attract CIT investments by Indian companies.
Saudi mining company Ma’aden plans to visit Egypt within the next few days to explore investment opportunities in the Egyptian mining sector.
The Nuclear Power Plant Authority is close to obtaining permission to launch the third operator of the Dabaa Nuclear Plant by mid 2023 in Marsa Matrouh governorate.
Brent futures rose or 3.2% to USD82.67/bbl.
Poultry prices dropped by EGP7/kg after a shrink in demand.