Pre-Trading Thoughts

The House yesterday voted through legislative amendments allowing the government to borrow an extra EGP 165 bn for the final quarter of the current fiscal year. Around EGP 70 bn will be used to increase funding to social protection programs while EGP 85 bn of the new borrowing will be spent on servicing government debt in the April-June quarter. Foreign investments in Treasury bills reached USD10.4 bn in January 2023, up from USD8.04 in December 2022. We upgrade our FV for OLFI to reac...