Egypt Market Report 1Q 2023
Economic overview
Dashboard
Figure 01
Quarterly values are average values of parameters over each quarter.
Data obtained from: http://www.tradingeconomics.com, http://www.cbe.org.eg/, http://www.egx.com.eg and http://www.investing.com.
Foreign exchange rates
All foreign exchange rates and histories are obtained from http://www.investing.com.
EGP to USD
During 1Q 2023, the average value of USD against EGP increased by around 30%, recording an average of EGP 29.91. It is expected that the USD exchange rate will be stable against the EGP in the next quarter as a result of the government’s economic reform program and the increase of foreign reserves.
EGP to EUR
During 1Q 2023, the exchange rate increased by 36%, recording an average of EGP 32.06. It is expected that the exchange rate will be stable against the EGP in the next quarter as a result of the government’s economic reform program.
EGP to GBP
During 1Q 2023, the exchange rate increased by 34%, recording an average of EGP 36.26. It is expected that the value of GBP will be stable against the EGP in the next quarter as a result of the government’s economic reform program.
Egyptian stock market
Obtained from http://www.investing.com.
The Egyptian stock market indicator, EGX 30, measures the performance of the top 30 traded companies on the Egyptian stock exchange. During 1Q 2023, the EGX 30 indicator increased, recording an average of 16,648 points compared to 12,331 points in 4Q 2022.
Central bank interest rates
Consumer price index (CPI)
Values for February and March are estimated since they were not issued at the date of publishing the report.
Decisions regarding interest rate values are made by the CBE. The official interest rate is the overnight deposit rate. During the first two months of 1Q 2023, the average interest rate remained stable at around 16.25%. Current trends point to an increase by the end of March 2023. The interest rate is expected to remain stable during the following quarter.
Values for February and March are estimated since they were not issued at the date of publishing the report.
The CPI measures increase in prices paid by consumers for everyday goods and services. During the first month of 1Q 2023, the CPI increased compared to the previous quarter. It is expected to continue an upward trend during 2Q 2023.
Consumer price index (CPI)
Values for February and March are assumed since they were not issued at the date of publishing the report.
The CPI measures increase in prices paid by consumers for everyday goods and services. During the first month of 1Q 2023, the CPI increased compared to the previous quarter. It is expected to continue an upward trend during 2Q 2023.
Foreign exchange reserves
Foreign exchange reserves in Egypt are reported by the CBE and are generally used to finance the balance of payments and to control exchange rates.
During 1Q 2023, Egypt’s foreign exchange reserves increased by 1.7% recording an average of USD 34.22 billion during the first month of 2023. Foreign exchange reserves are expected to gradually increase in the next quarter.
The March value is estimated since it was not issued at the date of publishing the report.
Almaza City Centre, Cairo, Egypt: Gleeds provided Quantity Surveying/Cost Management services
