{"id":553307,"date":"2022-06-03T07:00:56","date_gmt":"2022-06-03T07:00:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/03\/your-top-5-pieces-of-business-and-economic-news-in-may-2022\/"},"modified":"2022-06-03T07:00:56","modified_gmt":"2022-06-03T07:00:56","slug":"your-top-5-pieces-of-business-and-economic-news-in-may-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/03\/your-top-5-pieces-of-business-and-economic-news-in-may-2022\/","title":{"rendered":"Your top 5 pieces of business and economic news in May 2022"},"content":{"rendered":"<p>Your top 5 pieces of business and economic news in May:<\/p>\n<ul>\n<li><strong>The Central Bank of Egypt (CBE) <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a2b0a89-0a42-47b7-8172-cdf8ce1d8729\">raised interest<\/a><\/strong><strong> rates for the second time since March by 200 basis points,<\/strong> bringing its deposit rate to 11.25% and the lending rate to 12.25%<\/li>\n<li><strong>Abu Dhabi sovereign wealth fund ADQ <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\">will invest<\/a><\/strong><strong> USD 10 bn in industrial projects in Egypt, <\/strong>the UAE and Jordan as part of a partnership to finance large-scale projects in \u201ckey industries\u201d that \u201ccreate jobs, support growth, boost industrial production and increase exports.\u201d<\/li>\n<li><strong>Egypt\u2019s non-oil private sector continued to contract<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55e827e3-667f-4b12-a44d-b4c0b49a7efd\">in April,<\/a><\/strong> buffeted by inflation that has been turbocharged by the war in Ukraine as well as by falling demand.<\/li>\n<li><strong>Production inputs and raw materials <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab68cacf-c20e-42a2-ac2d-702444d802ba\">will be exempt<\/a><\/strong><strong> from CBE rules<\/strong> handed down in February requiring the vast majority of importers to use letters of credit (L\/Cs) to cover imports.<\/li>\n<li><strong>Egypt\u2019s unemployment rate <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdc538eb-17e8-4d52-b43d-e602878b8e18\">dipped to 7.2%<\/a><\/strong><strong> in 1Q 2022 from 7.4% the previous quarter.<\/strong> Unemployment was also down 0.2 percentage points compared with the same period last year.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Your top 5 pieces of business and economic news in May: The Central Bank of Egypt (CBE) raised interest rates for the second time since March by 200 basis points, bringing its deposit rate to 11.25% and the lending rate to 12.25% Abu Dhabi sovereign wealth fund ADQ will invest USD 10 bn in industrial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9513],"tags":[2604,2611],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553307","post","type-post","status-publish","format-standard","hentry","category-your-top-5","tag-enterpriseyourwealth","tag-your-top-5","wpautop","entry"],"acf":{"mongo_id":"1457ce8a-7b98-4c09-af4b-55a7d0dc097e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[553299],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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