Pre-Trading Thoughts

Egypt's budget deficit rose to 5.15% of GDP in 8MFY21/22, compared to 5% in 8MFY20/21 The government identified 131 imported products that have the potential to be manufactured locally, to reduce Egypt's import bill EGX was negatively affected by news on ban of importation of some products like fully manufactured cars and cell phones; Companies noted that there is no ban, but the new process involves approvals from the CBE on L/Cs for importation which means more time is needed to replenish i...