Pre-Trading Thoughts

Economic and Social Development Plans for FY2022-23 target an economic growth rate of 5.5% and estimated investments about EGP1.4 trillion, compared to EGP1.2 trillion estimated for FY2021-22, with GDP at current prices targeted at EGP9.22 trillion.Russia and Ukraine signed a landmark agreement to resume grain exports through the Black Sea. The European Central Bank raised interest rates by a larger-than-expected half-percentage point.A meeting will be held for the joint committee between the Export Development Fund, the Customs Authority, and the General Authority for Investment and Free Zones, with the aim of simplifying procedures and helping the exporting companies to increase their export capabilities. The CBE called on exporting companies to take advantage of the BUNA platform while conducting bank transfers with their customers in Arab countries.Minister of Finance issued a decree obligating each of the establishments and companies, when selling a commodity or performing a service, to include the national ID number of the purchaser when issuing the an invoice exceeding EGP150,000.CIRA 3Q21/22 net profit recorded EGP140 million, down 28.3% y/y. The Environment Ministry ordered all dredging work taking place in EMFD’s North Coast Marassi project to stop due to environmental damage.