External Situation in Egypt’s Economy

Egypt’s Central Bank data released today, Sunday, on the external situation in the economy showed that Egypt received an additional $1 billion deposit from Qatar and another $700 million from Libya by the end of last year 2022.

According to the data, Qatar’s total short-term deposits with the Central Bank of Egypt amounted to $4 billion, while Libya’s deposits reached $900 million, up from $200 million at the end of September 2022.

Arab Countries’ Deposits in Central Bank of Egypt

Short-term deposits of Arab countries in the Central Bank of Egypt reached $14.9 billion compared to $13.2 billion at the end of September last year, while long-term deposits of Arab countries stabilized at $15 billion, data from the Central Bank of Egypt show.

Gulf Deposits Extended Until End of IMF Program

The Gulf deposits that the countries agreed to extend until the end of Egypt’s program with the International Monetary Fund include $4 billion for Kuwait split into two deposits, the first due in September 2023 and the second due in April 2023, 5.7 billion dollars in the UAE. deposits and $5.3 billion in Saudi deposits.

Investor Sentiment for Egyptian Economy

Investor sentiment for the Egyptian economy edged up during May amid signs of progress in the government’s placement program. The Egyptian government made the first deals under the program in May, selling its stake in Paints and Chemical Industries Company (Pachin) in addition to 10% in Telecom Egypt.

The government is working on completing several more transactions as part of the state placement program. Among the companies making progress in negotiations to acquire it are Telecom Egypt’s stake in Vodafone Egypt, Wataniya and Safi, an Egyptian drilling company, and an Egyptian linear alkylbenzene company (ELAP).