Pre-Trading Thoughts

CBE's net foreign assets improved to a net liabilities' position of USD766.3 million in April compared to USD1.38 billion in March. The European Bank for Reconstruction and Development (EBRD) has cut Egypt’s growth forecast for 2024 to 3.9%, down 0.6 percentage points from its September forecast. The bank highlighted FX shortages and “reform uncertainty” as factors weighing on the economic outlook. Cabinet greenlit a draft law to set up a central unit dedicated to state-owned co...