Goldman Sachs economist, Farouk Soussa indicated that estimates suggest the ministry received approximately EGP 240 billion from the initial tranche of the Ras El Hekma deal with the UAE
Egypt’s NFA deficit plummeted to 65.38 billion EGP 65.38 billion at the end of March, compared to EGP 270.65 billion in February and EGP 352.49 billion at the end of January
Driving the decline in urban inflation was a decrease in annual food inflation which settled at 45% in March, its lowest since December 2022
Maait elaborated that allowing the private sector to lead in the economy is to Egypt’s benefit as almost 1 million young people come to the Egyptian labor market looking for jobs every year and the government cannot create can only offer around 100,000 new jobs
The directive included raising the maximum limit for cash withdrawal from ATMs to EGP 30,000. It is worth noting that the daily maximum limit for cash withdrawals was EGP 150,000. Additionally, the daily withdrawal limit for ATMs was EGP 20,000.
