Pre-Trading Thoughts

The EGP moved against the USD in local banks yesterday to record 18.37-18.47/USD. The General Authority for Supply Commodities (GASC) set a "limited tender" for the first time in years, to buy an unspecified amount of wheat from only European import origins. The Egyptian Businessmen Association is preparing a proposal to open accounts in Russian Rubles for Egyptian importers and exporters to Russia. Prime Minister met with EGX Chairman to review the proposed plan to encourage investment...