Pre-Trading Thoughts

Annual urban inflation has inched up to record 37.4% YoY in August, up from 36.5% in July. On a monthly basis, urban inflation eased slightly to 1.6% MoM in August, compared to 1.9% in July. The Finance Ministry is looking to secure USD1.5-2 billion in fresh loans by 4Q2023. Net foreign reserves were essentially flat in August at USD34.93 billion, up from USD34.88 billion in July. Egypt has repaid about USD52 billion in interest and foreign debt installments during FY2022/23 and FY2021/...