Egypt's economy in 2024 awaits 7 important events and decisions
Increase in fuel and electricity prices within deferred decisions
Shrouq
The Egyptian market is anticipating several 7 important economic events and decisions in the year 2024, most notably the new agreement with the International Monetary Fund to increase the financing available to Egypt.
7 events
One of the most important things that markets in Egypt are anticipating during the new year is the increase in electricity prices on January 1, 2024, after the increase was postponed last July.
Fuel prices
The markets are also awaiting fuel prices for the first quarter of 2024, as the government announces prices on a quarterly basis.
Interest rates
Regarding the interest rates expected during the new year, the Central Bank of Egypt will hold 8 meetings starting at the beginning of next February to approve interest rates.
Government proposals programme
The Egyptian Stock Exchange is awaiting the implementation of the program of government offerings and asset sales, which includes 50 companies, according to the International Finance Corporation, until the end of 2024.
Savings certificates
During the year 2024, about 500 billion pounds in liquidity will be released from banks to the markets, represented by the value of savings certificates with a return of 25% in January 2024, when their term expires.
Paying debt installments
Egypt intends to pay debt installments and interest in 2024, worth $42.5 billion.
Economic reform
On the other hand, Egypt will officially join the BRICS group at the beginning of 2024, a step that experts consider “important” for economic reform, and thus help reduce demand for the dollar.
Egypt's joining the BRIC opens a new field for cooperation, with increased opportunities to understand different areas of development, strengthen the economy, invest in the human element, ensure effective investment in infrastructure, enhance export opportunities and other initiatives.
The Chairman of the Planning and Budget Committee of the Egyptian House of Representatives, Fakhri Al-Feki, considered that Egypt’s accession to BRICS will contribute to increasing trade exchange with Egypt, especially with the possibility of Egypt using currency swaps, which facilitates trade and exchange in local currencies.
