Pre-Trading Thoughts

Hassan Abdalla was appointed as Acting Governor of the Central Bank of Egypt (CBE). The CBE left interest rates on hold on Thursday, in line with our expectations. Cabinet has given its approval to pay EGP10.0 billion out to exporters in the fifth phase of its program to repay overdue subsidies. Cabinet approved a EUR250.0 million loan from the European Bank for Reconstruction and Development to finance Cairo Metro Line 2 upgrades. MFPC 2Q22 net profit registered EGP1.6 billion, down 21...