Bi-Weekly Report 1-14 October 2019


US imposes (“soft”) sanctions on Turkey over its military operation in Syria

The “unbudgeted” transfer of the CBRT’s excess “legal reserves” to the Treasury helped reduce the 12-month rolling budget deficit to 2.2% of GDP in September from a 8-year high of 3.0% in May -- still above the FY:18 outcome of 1.9%



A centre-right PNL- led Government is expected to take office following the collapse of the PSD Government

The NBR maintained its 2-week repo rate unchanged at 2.5% for a 17th consecutive month



EC-ECB and IMF missions confirmed the country’s strong macroeconomic performance, while stressing the need to address the remaining challenges

Tourist activity weakened further in 8M:19, dragged down by the EU markets, including the main source country, the UK



The CBE cut its key policy rates by an additional 100 bps in September, due to a sharp easing in inflation and EGP appreciation

Weaker support from Suez Canal receipts (SCR) to the current account in FY:18/19 fiscal year (that ended in June)



Bi-Weekly Report 1-14 October 2019

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