Pre-Trading Thoughts

The CBE has increased cash withdrawal limits from EGP150k to EGP250k per day from banks, and from EGP20k to EGP30k per day from ATMs. World Bank expects Egypt's GDP growth to decline to 2.8% in FY2023/24 from 3.8% in FY2022/23, 0.7 percentage point drop from its previous forecast in January, exacerbated by the repercussions of the Middle East conflict on Suez Canal and tourism. Growth is expected to record 4.2% in FY2024/25. The Renewable Energy Authority and the Sovereign Fund of Egypt are p...