Pre-Trading Thoughts

Global ratings agency Fitch revised Egypt's outlook to positive from stable. Tourist arrivals to Egypt increased 27% YoY in the first four months of the year. Foreign holdings of local debt have more than doubled to USD35.3 billion as of March from USD16.6 billion at the end of 2023. Total orders issued under the government’s car-for-FX initiative have reached just under USD2 billion, according to a statement from the Immigration Ministry. Al-Ahly Exchange Company, affiliated with...