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Egypt’s Pound Jumps Most in Two Years as Fund Flows Accelerate

CAIRO (Capital Markets in Africa) – The Egyptian pound advanced the most in almost two years as fund flows into the local Treasury bills market accelerated amid improving risk appetite across emerging markets. The currency, which EFG Hermes says has become more sensitive to fund flows after the central bank ended a repatriation mechanism for foreign investors late last year, rose 1.5 percent to 17.6287 against the dollar, its biggest gain since February 2017, according to prices…

Egypt Central Bank Gets Reprieve as Monthly Inflation Slows

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egyptian consumer prices rose at their slowest monthly rate since May, offering fresh evidence that the impact of fuel price hikes was abating and giving the central bank room to shift its focus from inflation to investments. Monthly inflation in August eased to 1.8 percent compared to 2.4 percent the previous month, according to data reported by CAPMAS, the state-run statistics agency, its slowest pace since the government began…

Egypt Inflation Rate Accelerates for First Time in 11 Months

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s inflation accelerated for the first time in 11 months in June after the government slashed fuel and electricity subsidies to help reduce the budget deficit. Inflation in urban parts of the country, the rate closely watched by the central bank, climbed to 14.4 percent from 11.4 percent in May, according to the state statistics agency. Prices rose 3.5 percent on the month, the most since January last year….

Egypt Holds Rates as Oil Price Rise Stokes Inflation Worries

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s central bank kept its benchmark interest rate unchanged on Thursday, as the government prepares for a new round of fuel subsidy cuts against a backdrop of rising global oil prices. The bank’s Monetary Policy Committee, headed by Governor Tarek Amer, held the overnight deposit rate at 16.75 percent — in line with predictions by five out of eight economists surveyed by Bloomberg. The overnight lending rate was kept at…

Arabian Cement Egypt Rises 5%; Trading Volume Surges

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CAIRO (Capital Markets in Africa) – Arabian Cement Co. rose 4.6 percent, the biggest gain since April 11 compared with end-of-day price changes and almost 14 times the country’s benchmark index. The shares climbed to EGP 8.81 from EGP 8.42. Trading volume was more than five times the 30-day average of 494,560 for this time of day. Arabian Cement Egypt’s move compares with the 0.3 percent gain in the Egyptian Exchange EGX 30 Price Index and little change in…

Egyptian Stocks Leap; EFG-Hermes Predicts 20% Upside in 2018

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CAIRO (Capital Markets in Africa) – Egypt’s main stock benchmark, the EGX 30, gains 2.2% to 14,534.67 as of 12:30pm in Cairo, the steepest intraday advance since March 2. EFG-Hermes sees local market as being in the middle of “a multi-year rally“ supported by broad reforms with multiple catalysts ahead. EGX 30 has 20% upside through the end of 2018, strategist Mohamad Al Hajj writes in a note. Index rises to the highest level in dollar terms since…

Egypt Lifts Remaining Currency Restrictions as Crunch Abates

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s central bank lifted its last remaining official foreign-currency controls, as a dollar shortage that stymied the economy receded since authorities floated the pound and introduced wide-ranging reforms. The regulator removed limits imposed in 2015 for deposits and withdrawals by importers of non-essential goods, the bank said in a statement Tuesday. Deposits had been restricted to $10,000 per day and $50,000 monthly, while withdrawals were capped at $30,000. Caps…

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