The Central Bank announced of an upswing in foreign inflows to local banks through the local foreign exchange market and other sources in recent days.
Foreign investors poured some USD925 million into our local foreign exchange market in three days.
The two state-owned banks will withdraw within days the one-year, 25% certificates of deposit they introduced to the market.
The government is currently studying the establishment of a closed foreign currency fund for Egyptians working abroad as a more stable source for foreign currency supply compared to hot money.
NI Capital is preparing to offer two government companies in EGX during the second half of 2023.
The Ministry of Tourism targets increasing the number of tourists visiting Egypt to 30 million annually by 2028. The ministry also targets increasing tourists’ number by 25-30% in the short-term.
A new scheme offering subsidized bread to all is set to launch tomorrow. Those who are not covered by the ration card system will be able to buy bread from bakeries at cost, in a trial of the new scheme.
Building materials exports increased by 7% YoY to USD6.37 billion in 11 months 2022, up from USD5.93 billion in the same period of 2021.
The Sovereign Fund of Egypt (SFE) and Etisalat Egypt have established Erada Microfinance, in a move designed to improve access to finance for micro and small businesses.
SWDY's subsidiary Elsewedy Electric for Transmission & Distribution signed a new contract for Al Ghazala Energy Company in Saudi Arabia to construct a solar power station with a capacity of 300 MW.
The Electricity Ministry is working on a tender for six solar facilities in Aswan.
Tanfeez for Real Estate Investment is negotiating with TMGH to buy assets in Al Rehab and Madinaty worth around EGP700.0 million.
The total financing granted by banks and NBFs under the real estate financing initiative for low and middle-income class reached EGP54.47 billion as of December 2022.
Five local and international consortiums have submitted offers to establish three cooking oil complexes with investments of up to USD321 mn.
The Parliament passed a law that allows Oil Minister Tarek El Molla to contract the Egyptian General Petroleum Corporation and Brenco to explore for oil offshore North Sinai.
Weekly Commodities Update
| Brent, USD/bbl | 85.0 | 4.9%
| Diesel-HSFO Spread, USD/ton | 589.0 | 9.5%
| Egypt Urea, USD/ton | 502.5 | 0.0%
| Polyethylene, USD/ton | 1,100.0 | 0.0%
| Polypropylene, USD/ton | 975.0 | -0.3%
| Steel/Iron Ore Spreads, USD/ton | 464.3 | -3.0%
| LME Aluminum Cash Price, USD/ton | 2,566.4 | 6.7%
| Egyptian Retail Cement, EGP/ton | 1,885.0 | 0.0%
| Steam Coal FOB Newcastle Australia, USD/ton | 370.0 | -6.1%
| Crude Palm Oil, USD/MT | 891.6 | -5.4%
| SMP, USD/MT | 2,838.0 | -4.3%