HC Research Information

By Monette Doss / Monday, 1 February 2021 Egypts 1Q20/21 balance of payments (BOP) deficit narrowed to USD69.2m from USD3.5bn in the previous quarter, the Central Bank of Egypt (CBE) announced in a statement. Current account deficit narrowed to USD2.8bn from USD3.8bn in the previous quarter, however it widened from a deficit of USD1.4bn a year earlier, mainly due to the decline in tourism revenue. Tourism revenue plummeted to USD801m in 1Q20/21, from USD4.2bn a year earlier due to the travel restrictions brought about by the pandemic. Net inflows channeled into capital and financial accounts increased significantly to USD3.9bn from USD1.3bn in the previous quarter and compared to USD658m a year earlier, while FDIs narrowed 31.8% y-o-y to USD1.6bn. Worker remittances increased 19.6% y-o-y to USD8bn, from USD6.7bn a year earlier. The oil trade balance recorded a surplus of USD144m, reversing a deficit of USD606m a year earlier. (Bloomberg) Our comment: Egypts 1Q20/21 BOP figures are showing positive trends with tourism receipts being the main burden on the countrys external account, in our view. Oil merchandise balance recorded a surplus of USD144m in 1Q20/21 from a deficit of USD607m a year earlier. Worker remittances grew c20% y-o-y to USD8.03bn, and Egyptian treasuries attracted some USD6.69bn in foreign inflows during the quarter which helped in replenishing the net foreign asset position of the banking sector, excluding the CBE. In this regard, banking foreign assets witnessed outflows of USD4.42bn. Also, the BOP shows net debt repayments (excluding suppliers credit) of USD2.88bn during 1Q20/21, while drawings of new loans amounted to USD956m. By Mariam El Saadany / Sunday, 24 January 2021 SODIC (OCDI EY): The companys FY20 gross contracted sales rose c2% y-o-y to EGP7.4bn, representing 1,361 units sold, with residential sales growing c19% y-o-y to EGP7.2bn and non-residential sales accounting for c3% of SODICs gross contracted sales in FY20 versus c17% in FY19, it announced in a release. Sales performance ...