Pre-Trading Thoughts
Remittances from Egyptians abroad were up 1.5% YoY to USD 8.1 bn in 1QFY21/22. September was a slow month, with remittances dipping 3% YoY to USD 2.6 bn. The private sector will be given a six-week grace, until mid-February from the new private-sector minimum wage requirement (EGP2,400). Gas and electricity prices have hit new record highs in Europe, threatening economic recovery and putting industries on the brink of shutdown, as Russia restricted gas flows to Europe compounding shorta...
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