Pre-Trading Thoughts

Egypt's PMI recorded 48.1 in January, down from 48.5 in December. The government has formed a committee to look into reducing the long list of taxes, customs, and fees imposed on goods and services. The EGP strengthened slightly against the greenback for the second day in a row to reach 56-55 against the USD in the parallel market, compared to the EGP70 rate. The government has prepared a list of sites in 11 cities it plans to offer to investors to establish public freezones in a bid to attra...