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The central bank’s Monetary Policy Committee left key interest rates unchanged at its Thursday meeting. The move was widely expected. The overnight deposit and lending rates remained unchanged at 16.75% and 17.75%, respectively, with the main operation rate also stable at 17.25%. The decision was “consistent with the targeted disinflation path,” the CBE said in […]

Egypt’s current account deficit fell 57.5% y-o-y to USD 5.3 bn in 9M2017-18, down from USD 12.5 bn in the same period last year. “This improvement was an outcome of the increase in both services balances surplus by 138.2% and net current transfers by 23.2%, [as well as a] retreat in trade deficit by 1.3%,” […]

Egypt expects to receive the fourth tranche of a USD 12 bn extended fund facility from the IMF this week, Finance Minister Mohamed Maait told Youm7. The IMF’s board signed off on the disbursement of the USD 2.02 bn tranche on Friday; it will bring to USD 8 bn the total Egypt has so far […]

World Bank pledges USD 530 mn to improve Egypt’s healthcare system: The World Bank’s executive board approved on Thursday a five-year, USD 530 mn program to support Egypt’s healthcare system, according to an Investment and International Cooperation Ministry statement (pdf). The project will include “expanding family planning services, scaling up [Egypt’s] groundbreaking Hepatitis C program, […]

EFG Hermes led the June brokerage league table for the Egyptian Exchange with a 16.5% market share, followed by CI Capital (10.9%), HC Securities (9.3%), Beltone (8.9%), and Pharos Holding (8.8%), according to figures released over the weekend by the EGX. For the first half of the year, EFG Hermes had 20.2% market share, followed […]

Is the gov’t tightening the internal timeline for the state privatization program? Public Enterprises Minister Hisham Tawfik ordered state holding companies to expedite procedures to ready their companies for the state privatization program, according to a ministry statement picked up by Al Shorouk. Tawfik ordered the companies to complete their reports on their respective companies […]

ECA warns against price manipulation in the construction, transport industries: The Egyptian Competition Authority (ECA) is reportedly warning of predatory pricing in the construction industry, ordering its regional offices to begin an investigation into manufacturers who have been selling their goods at marked up prices. The ECA is also warning against possible price manipulation by […]

MOVES- Civil aviation minister appoints new heads of EgyptAir, EHCAAN, Cairo Airport Company: Civil Aviation Minister Younes El Masry tapped Ahmed Adel as acting EgyptAir Chairman. Adel, who most recently served as deputy chairman at the national carrier, replaces outgoing chairman Safwat Musallam. El Masry also appointed Tarek Fawzy as head of the Egyptian Holding […]