Pre-Trading Thoughts

IMF and Egyptian officials held “productive discussions” on a fresh assistance program during staff-level talks, which took place between 26 June and 7 July. Fuel Pricing Committee decided to hike fuel prices by an average of 7.5% compared to 2Q2022, and increase diesel prices to EGP7.25/L from EGP6.75/L. Net International Reserves (NIR) dropped by 6% MoM by end of June to USD33.38 billion, as the foreign currencies component decreased by USD2 billion. President El-Sisi met ...