Wednesday, 4 November 2020

Your top 5 pieces of business and economic news in October

Your top 5 pieces of business and economic news in October:

  • A changing of the guard at CIB: CIB chairman and managing director Hisham Ezz Al Arab was forced to step down after the central bank alleged the bank had committed “gross violations” of regulations.
  • Private sector shows signs of life: Activity in Egypt’s non-oil private sector expanded for the first in 14 months in September following a pick up in consumer demand and rising business activity.
  • Bondholders <3 Egypt: Foreign holdings of EGP bonds have surged to USD 21.1 bn, more than doubling from USD 10.4 bn in May, Mohamed Hegazy, head of the Finance Ministry’s debt management unit, told Bloomberg.
  • The IMF is optimistic that covid hasn’t dealt too much damage to government finances: The budget deficit will significantly narrow next year and revenues will pick up again, the IMF said in its Fiscal Monitor Report during its annual meetings.
  • Green bonds go live in London: Egypt listed USD 750 mn of green bonds on the London Stock Exchange following the issuance at the end of September.

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