CBE Leaves Interest Rates Unchanged🏛

Local Pickup🌇

CBE Leaves Interest Rates Unchanged🏛

The CBE’s monetary policy committee (MPC) has left interest rates unchanged for the 10th consecutive month.

More Details🧐 The MPC maintained the overnight deposit rate, lending rate, & the main operation rate at the levels of 8.25%, 9.25 % & 8.75%, respectively. The discount rate was also left unchanged at 8.75%.

Why is this Important🤔 Although the annual inflation rate rose in December, it’s well within the CBE’s 5-9% target rate.

Fuel Prices Rise⛽

Egypt’s fuel pricing committee has raised prices for gasoline of all types while keeping the price of diesel fuel unchanged.

More Details🧐 Gasoline prices increased by 25 piasters, with the price of 80 octanes, 92 octanes, & 95 octanes rising to EGP 7.25, EGP 8.50, and EGP 9.50, respectively.

The price of diesel fuel remained at EGP 6.75 per liter.

Why is this Important🤔 Fuel prices increased on three separate occasions in 2021. 

In making its decision, the fuel pricing committee reviews the average prices of Brent crude in the global market & the exchange rate of the dollar against the EGP, the two most important determinants of the cost of providing petroleum products.

Egypt’s Purchasing Managers Index Falls to 9-Month Low👨‍💼

Egypt’s January 2022 purchasing managers index (PMI) recorded its lowest levels since April 2021.

PMI is an economic indicator derived from monthly surveys of private sector companies to measure business activity for non-oil companies.

More Details🧐 January 2022’s PMI recorded 47.9 points, down from 49 points the month before.

The decline in PMI is attributed to weaker demand driven by inflation & supply chain issues.

Why is this Important🤔 This marks the 14th consecutive decline in Egypt’s PMI.

Industrial Engineering Company Approves Split Into Three Companies3️⃣

Industrial Engineering Company for Construction and Development (ENGC) board of directors (BoD) have approved the company’s split into three.

More Details🧐 ENGC would be split into one dividing company & two divided companies.

ENGC’s BoD also approved the pro forma financial statements of the three companies.

A Pro Forma Financial Statement📄 uses hypothetical assumptions to generate a financial statement for each company separately.

Why is this Important🤔 A few companies have gone through splits recently, including Odin & Aspire Capital, formerly known as Pioneers Holding.

Global Pickup🌎

Anghami Shares Soar Over 80% in NASDAQ Debut🎶

Anghami (NASDAQ: ANGH) officially started trading on the NASDAQ last Friday, February 4th, 2022, & saw its shares skyrocket more than 80%.

 

More Details🧐 The Middle East’s leading music streaming service became the first Arab tech startup to ever list on the NASDAQ following its merger with special purpose acquisition company (SPAC) Vistas Media Acquisition Company.

Why is this Important🤔 Founded in 2012, Anghami has more than 70 million registered users & around 1 billion monthly streams.

Co-founder Eddy Maroun said Anghami “will further develop its ecosystem of creators, expand content & add millions of users in MENA & globally.”

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