Pre-Trading Thoughts

Prime Minister has met with the central bank governor and Trade and Industry Minister to discuss allowing importers to purchase certain goods — including raw materials and manufacturing essentials — via documentary collection rather than L/Cs. The EGP continued to slide yesterday, hitting 19.26 against the USD. Finance Minister denied that there are any requirements by the IMF that affect social protection programs or lead to raising the prices of subsidized bread. The Ministry of Finance now...