The EGP eased another 1.6% against the greenback yesterday, settling at EGP 18.57

Moody's considered that the CBE will help protect the country's FX reserves and secure a new program with the IMF 

Ministry of Finance plans to sell USD500 million in JPY-denominated bonds in Japan on Thursday

The government revised downwards its GDP forecast for FY2022-23 to 5.5% down from the 5.7% 

Suez Canal Authority will raise fees, temporarily, by 7-10%, starting May

Tourism incentives such as cash subsidies to charter flights are extended until the end of October 2022

More than EGP 51 bn has been invested in the CDs launched by Banque Misr and the National Bank of Egypt since their launch on Monday

The government received requests from Emirati companies and consortiums to set up hydrogen and green ammonia projects in Egypt with investments of up to USD4 billion

US President Joe Biden will announce new sanctions on Russia when he travels to Brussels today to meet with European leaders and Nato officials, the White House said yesterday. This will drive Brent and commodity prices higher

ORAS released solid results where net attributable income increased 44% YoY to USD37 million in 4Q21 and 25% YoY to USD113 million in FY2021; We expect a promising year ahead for ORAS, given the current level of backlog (USD6 billion) that could be translated into a healthy USD4 billion in revenues next year; Transportation projects in Egypt are considered the most substantial in terms of size; Water and industrial projects are expected to highly contribute to the company’s growth targets; ORAS is currently trading at FY21 P/E 4.2x and EV/EBITDA of 0.1x

MOIL reduced its net losses to USD78.07 million in 2021, from losses of USD143.26 million in 2020, despite the decline in revenues from USD180.53 million in 2020 to USD115.83 million in 2021

JUFO denied any intention for Mohammed Bin Abdullah to sell his 12.5% stake in Pharon Company for Investments