Politics is leading international coverage on Egypt this morning: President Abdel Fattah El Sisi’s meeting with Ethiopian prime minister Abiy Ahmed (Bloomberg | Associated Press | Reuters) and last week’s summit in Cairo aimed at ending the civil war in Sudan (Reuters | Associated Press) are getting attention in the foreign press. We have all the details on both these stories in this morning’s news well, above.

More money = more inflation: A jump in the money supply in the previous fiscal year could fuel inflation further and put further pressure on the EGP, Patrick Werr writes for Reuters, citing bankers and analysts. M1 money supply climbed 31.9% y-o-y in FY 2022-2023, after growing 23.1% and 15.7% y-o-y in the two previous fiscal years, according to central bank figures. Increasing the money supply has been a tool used by authorities to keep the deficit in check, according to analysts cited by Werr, who say the central bank has done this by lending to the government including by buying government bonds.

Also making headlines:

  • Egypt: A value destination for hard currency holders. Egypt joins Turkey, South Africa, Japan, and Kenya as the most-affordable summer holiday destinations for UK tourists as named by the Guardian. (The Guardian)
  • Which A-listers have performed at the Giza Pyramids? With rapper Travis Scott set to unveil his upcoming album at the pyramids later this month, the National is out with a list of the biggest artists to perform at the famous site. (The National)
  • More mahraganat: In a long read for the Guardian, author Yasmine El Rashidi writes about the rise of Egyptian hip-hop and what the genre’s popularity says about a generation of young Egyptians who came of age after the 2011 revolution. (The Guardian)
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