The CBE increased overnight deposit and lending rates and the rate of the main operation by 200 bps to 18.25%, 19.25%, and 18.75%, respectively.

Egypt’s external debt increased 5.5% to USD162.9 billion in December 2022, compared to September 2022 and 11.9% YoY compared to December 2021. Financial and capital account recorded a deficit of USD1.6 billion in December 2022.

For the first time since 3Q13/14, Egypt’s current account recorded a surplus of USD1.4 billion during 2Q22/23.

The President signed the bill of wage and pension hikes package. The EGP165 billion package includes EGP10 billion to raise public-sector wages and pension payouts and EGP85 billion to cover debt service for the final quarter of the current fiscal year.

The President ratified a bill allowing informal industrial projects to obtain temporary licenses of up to three years.

The President signed off on a multilateral agreement for Egypt to become a member of the BRICS’ USD100 billion multilateral lender New Development Bank.

The Suez Canal Authority has raised fees for oil ships transiting the canal. Tankers carrying crude oil and petroleum products now have to pay a 25% surcharge while their empty counterparts are paying an extra 15%.

India will offer its currency as an alternative for trade to countries that are facing a shortage of dollars.

JUFO 4Q22 net profit recorded EGP164 million compared to EGP37 million in 4Q21 and EGP155 million in 3Q22, bringing FY22 net profit to EGP638 million (+21.2% YoY).

EAST announced that due to the current economic situation and its impact on the company’s core business operation and the import of raw materials, it will find new ways to secure raw materials to avoid affecting production.

AMIC released their February 2023 report. PC sales recorded 4,263 units (-78% YoY, +24% MoM). AUTO market share climbed MoM by 2.9pps and YoY by 4.1pps to reach 25.1% and 1,069 total units sold.

National Paints Holding is now offering to purchase at least 75% of PACH for EGP37.75/share, up from its previous offer of EGP36.00/share and compared to Eagle Chemical’s offer of EGP37.00/share.

MNHD plans to invest EGP3.0 billion in FY23, directed mostly toward construction in its projects.

ELSH AGM approved the distribution of EGP0.15/share cash dividends to be distributed over two equal installments.

Leading real estate developers are denying claims that they are linking homebuyers’ payments to the EGP/USD exchange rate or canceling sales contracts in light of EGP devaluation.

The Islamic Development Bank will provide EUR318 million in financing for the 660-km first phase of the Sokhna-Alexandria high-speed rail line.

There are no delays or problems in payments for companies working in Dabaa Nuclear Power Station, according to the Head of Nuclear Power Plants Authority.

A Gulf sovereign fund and a Chinese company are considering buying a minority stake in SWDY.

CICH's Reefy Microfinance intends to issue securitization bonds worth EGP2-3 billion.

The banking sector's negative net foreign position during February widened by about USD1.3 billion to USD23 billion, while the difference between foreign assets and liabilities with the central bank widened by about USD522.8 million to exceed USD9.2 billion.

BINV net profit during 2022 jumped 1163% y/y to EGP1.33 billion.

MTIE BoD proposed distributing 0.25 bonus share for each original share.