Pre-Trading Thoughts

*Key news articles for today* Net foreign reserves inched up to USD34.35 billion in February from USD34.22 billion in January 2023. Budget deficit increased by 4% YoY to EGP367 billion during 1H22/23 as government expenses increased by 19.7% YoY. This came due to a 36.2% YoY hike in interest expenses accounting for 41.7% of total expenses. The cabinet released a statement denying rumors that mass transit (microbuses and buses) fares increased. According to Al-Mal newspaper, the minister...