A summary of the week’s important macroeconomic updates and indicators, brought to you in one page for your convenience.
Covering October 3rd to October 9th.
1) Tax revenues rose in FY 2016/2017 to EGP 464.4 billion, up 31.8% from the 352.3 billion collected in FY 2015/2016, Ahram Online reports.
2) Remittances in August were up 40% from August 2016, Reuters reports. All together, Egypt has received $16.3 billion in remittances since the floatation of the EGP.
3) Egypt raised the reserve requirement for its banks to 14%, according to Al Mal News. This is an increase of 4% from the previous rate of 10%.
4) Following the hike in the reserve requirement, Banque Misr announced that it was lowering interest rates by 0.75%, Al Mal News reports.
5) Suez Canal revenues are up 2.2% during the first nine months of 2017, Al Shorouk reports.
6) Foreign purchases of Egyptian securities increased to $18 billion in September, Ahram Online reports.
7) World Bank financing of Egyptian energy projects and reforms recently hit $4 billion, according to the Minister of Investment and International Cooperation, Sahar Nasr, Amwal Al Ghad reports.
8) The government plans to issue $3 – $4 billion in Eurobonds in January/February 2018. This issuance will be followed by a second one for 1 – 1.5 billion Euros later in the year, according to the Minister of Finance, Amr El Garhy, Amwal Al Ghad reports.
9) Egypt is to receive the final $500 million tranche of its $1.5 billion loan from the AfDB in January, Reuters reports.
10) The German Construction Bank announced that it will provide 50 million Euros in financing for the National Bank of Egypt to lend to small and medium enterprises (SMEs), Al Mal News reports.
11) Exports of information technology and communications products rose by 12.5% in FY 2016/2017 to $1.87 billion, according to the Minister of Communications and Information Technology, Yasser El Kady, Amwal Al Ghad reports.
12) Textile exports have risen by 12% this year, according to the Minister of Trade and Industry, Tarek Qabil. During the same period, textile imports have fallen by 59%, Amwal Al Ghad reports.
13) The Egyptian Stock Exchange registered gains in September with its main index rising 3.52%, Zawya reports.