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EGP / USD CBE market average: Buy 16.54 | Sell 16.67 EGP / USD at CIB: Buy 16.55 | Sell 16.65 EGP / USD at NBE: Buy 16.57 | Sell 16.67 EGX30 (Sunday): 14,013 (+0.1%) Turnover: EGP 470 mn (32% below the 90-day average) EGX 30 year-to-date: +7.5% THE MARKET ON SUNDAY: The EGX30 ended […]
Author Archives: enterpriseam admin
Posted inCALENDAR
July: Customs officials from Egypt and the US will sit down to discuss “procedural and administrative matters” as part of the Trade and Investment Framework Agreements (TIFA). July: The National Railway Authority will launch a tender for the purchase of 100 new locomotives expected to be financed through an agreement with the European Bank for […]
Posted inWhat We're Tracking Today
What we’re tracking on 8 July 2019
Welcome back, ladies and gentlemen — it’s a busy start to what’s likely to be a busy week. We have June’s inflation data coming out in the next few days, and on Thursday, 11 July, the central bank’s Monetary Policy Committee will meet to review key interest rates. The consensus among our poll of economists […]
Posted inEnterprise+: Last Night’s Talk Shows
El Sisi arrives in Niger, gets Egypt’s talking heads talking
President Abdel Fattah El Sisi’s visit to Niger was the talk of the town on the airwaves last night. El Sisi is set to chair the African Union’s extraordinary summit, which will take place later today, to launch the operational phase of the African Continental Trade Agreement (AfCFTA). The agreement is “the beginning of a […]
Posted inSpeed Round
Government raises fuel prices, phasing out remaining fuel subsidies
Government raises fuel prices, phasing out remaining fuel subsidies: The government raised fuel prices by between 16% and 30% over the weekend as it introduced the latest round of fuel subsidy cuts, the Oil Ministry announced in a statement. The price of 95 and 92-octane rose by 16% and 18.5%, respectively, while diesel and 80-octane […]
Posted inSpeed Round
Enterprise poll: CBE to leave key interest rates on hold this Thursday
SURVEY- CBE to leave key interest rates on hold this Thursday: The Central Bank of Egypt will leave key interest rates on hold when the Monetary Policy Committee (MPC) meets this Thursday, according to all nine economists polled by Enterprise. Respondents cited the inflationary effects of last weekend’s fuel subsidy cuts, which saw prices rise […]
Posted inSpeed Round
Egypt’s current account deficit almost doubles in 3Q2018-2019
Current account deficit almost doubles in 3Q2018-2019 as non-oil imports rise: The current account deficit almost doubled during 3Q2018-2019 to USD 3.75 bn from USD 1.93 bn the previous year due to a rise in non-oil imports, Reuters reported, citing its own calculations based on central bank data (pdf). The deficit increased 38% to USD […]
Posted inSpeed Round
Greece’s Energean to acquire Edison’s oil and gas portfolio for USD 750 mn
M&A WATCH- Greece’s Energean to acquire Edison’s oil and gas portfolio for USD 750 mn: Greek energy company Energean Oil & Gas is due to buy the oil and gas portfolio of Italy’s Edison, which includes substantial assets in Egypt, the company announced in a statement (pdf). Energean will pay an initial USD 750 mn, […]
Posted inSpeed Round
Raya Auto plans investing EGP 300 mn in making motorcycles and electric vehicles
INVESTMENT WATCH- Raya Auto plans to invest EGP 300 mn in three years: Raya Holding’s automotive unit Raya Auto is planning to invest around EGP 300 mn over the coming three years to manufacture motorcycles and electric vehicles, CEO Tamer Abdel Aziz said, according to the local press. The company has inaugurated the second production […]