Pre-Trading Thoughts

Egypt’s PMI posted 46.9 in February, compared to 45.5 in January. The net foreign liability position of the Egyptian banking system widened to USD21.7 billion in January from USD20 billion in December. The President announced a EGP150 billion program that includes wage increases and a higher minimum wage for civil servants, higher pension payouts for state employees, and a higher income tax exemption threshold. Renewable energy projects in Egypt that are under development by the private...