Pre-Trading Thoughts

Egypt’s Foreign Reserves inched up to USD34.81 billion in June, adding USD130 million MoM. Unofficial foreign currency reserves increased by USD708 million, reaching the highest level since February 2022 at USD9.58 billion. Egypt’s oil and gas exports fell more than 50% y-o-y in the first four months of 2023 to USD3.17 billion in January-April 2023. Natural gas prices have plunged and local production has also declined in recent months, partially compensated by rising imports from Isra...