Your top 5 for May
The five most important business and economy stories out of Egypt in May 2018:
- The Central Bank of Egypt left key interest rates unchanged during this month’s Monetary Policy Committee Meeting on the back of a projected inflation hike in the summer.
- Reports of a substantial increase in fuel and electricity prices flood the media, with expectations for fuel prices to hike 60%, and electricity to jump by as much 55%.
- S&P Global Ratings has finally come around and raised Egypt’s sovereign credit rating to ‘B’ from ‘B-’.
- The controversial Ride-Hailing Apps Act, which governs how companies like Uber and Careem operate, passed the House of Representatives.
- The Supreme Administrative Court upheld a ruling requiring the National Telecommunications Regulatory Authority (NTRA) to ban YouTube for one month.