Pre-Trading Thoughts

The CBE released balance of payments (BoP) data for 1HFY2023/24, which is not yet reflecting the effect of the EGP devaluation nor any massive FDI deals or fundings agreed upon during 1Q2024. Annual urban inflation receded to 33.3% YoY in March, down from of 35.7% in February. Monthly urban inflation dropped to 1% MoM from the record high of 11.4% recorded in February. The EU on Friday said it would provide Egypt with EUR1 billion (USD1.07 billion) in short-term financial ai...