Pre-Trading Thoughts

The EGP settled at 19.0084 against the USD during yesterday's trades, leaving it down more than 20% since March. Remittances from Egyptians working abroad declined 8% y-o-y in May to USD 2.4 bn. Flows were down 23% from USD 3.1 bn in April. Egypt wants to attract USD 10 bn of foreign direct investment during the current fiscal year, up from an average of USD 7.3 bn a year over the past five years, The government wants the country’s non-oil exports to hit USD 35 bn this year,...