Pre-Trading Thoughts

The Egyptian economy grew at a 6.2% clip in FY2021/22, up from 3.3% the previous year, as positive growth was recorded across all sectors. Egyptians' remittances rose by 7.7% YoY during 4M2022 to reach about USD11.1 billion. In April, remittances recorded 24% growth, registering USD3.1 billion. Egypt purchased 444,000 tons of Russian, French, and Romanian wheat directly from traders, for delivery in September and October. The CBE issued the new and first EGP10 plastic banknote. Egypt and the ...