Egypt’s PMI, external debt top headlines this week

Egypt’s PMI, external debt top headlines this week

Egypt has seen a number of major news over the five working days ending April 6th, at the top of which the country's non-oil private sector activity in March and the external debt reaching record highs in the October-December period of 2022.

Hence, we put together the top 10 headlines to revisit this weekend:

1-Egypt’s non-oil private sector carries on contraction in March

Activity and new orders of Egypt’s non-oil private sector shrank in March for the 28th month in a row amid persisting inflationary pressures.

2-Egypt’s external debt hits record high in Q2 FY2022/23

Egypt's external debt hit a record high in the second quarter (Q2) of fiscal year (FY) 2022/2023, after declining for two quarters.

3-Managed exchange rate policy holds up parallel market in Egypt: Goldman Sachs

The managed exchange rate policy has backed the continuation of the parallel market in Egypt, pushing the US dollar to trade against the pound at about 30% more than the official exchange rates.

4-Egypt’s NIR rise to $34.45B end-March: CBE

Egypt’s net international reserves (NIR) hit $34.447 billion at the end of March.

5-Egypt's net foreign assets drop for 2nd consecutive month in February

Egypt's net foreign assets (NFAs) plunged for the second month in a row by EGP 49.8 billion in