Dear followers everywhere, welcome to a new analysis of the most important reports presented by the Banker Research Unit around the clock today, Tuesday, November 26, 2024, on various Banker platforms.
President’s meeting
Masnat Banker today presented a large number of reports on developments in the Egyptian economic situation and indicators of progress.
We begin with the most important report, which is President Abdel Fattah El-Sisi’s meeting with the heads of a large number of major international companies operating in the industrial sector and participants in the third edition of the annual international forum and exhibition for industries organized by Egypt in the period from 25 to 27 November this year.
The report explained that President Sisi explained to the heads of international companies the broad outlines of the industrial breakthrough that Egypt is working on and the incentives that the state is offering to encourage the industrial sector.
Banker pointed out that President Sisi stressed the principle of localization of industry, encouraging the use of modern technology in production, and increasing the local component while strengthening small and medium industries in Egypt and increasing their competitiveness. The president said frankly that the Egyptian government will continue to make efforts and take the necessary decisions and measures to remove obstacles facing investors.
The awakening of the Egyptian pound
The Banker Research Unit submitted a special report today on the awakening of the Egyptian pound, which rose by 25 piasters during Monday and Tuesday transactions compared to last Thursday’s transactions.
Pound see
The report shed light on the reasons for the rise in the price of the pound, and Banker pointed out that the price of the dollar is determined by the market without any intervention from the Central Bank or the government. The rise in the price of the pound is a result of the nature of the increased supply of the dollar on the one hand, and on the other hand the strong start in all sectors of the Egyptian economy.
The report pointed out that economic indicators confirm that there is an increase in the supply of the dollar from more than one source, including export, investments, and manufacturing, which are at the same time the reason for the increase in the supply of the dollar. If we talk in numbers, it is enough to know that Egypt agreed on projects with forms that reach 28 billion dollars in 3 projects. But the first of these is the ammonia complex project that a Polish company will build in Egypt, with final investments of approximately $11 billion, and the Lake Nasser power station project in Aswan, which It will be implemented by an Emirati company with $10 billion, and an agricultural project will be implemented by a Chinese alliance with investments of $7 billion.
gold
Banker platforms presented a different report today about the fate of gold prices in the coming days and months
Banker explained that since the beginning of the year, gold has been moving at a confident pace and broke the barrier of $2,765 per ounce at one time, and all indicators say that it is preparing to end the year with strong gains… because the global economic situation is in a state of turmoil, from banking crises to geopolitical tensions… and people are looking for a haven. It is safe for their investments. In Egypt, the pound is facing great inflationary pressures, and gold remains the preferred destination for preserving value
Where is the gold going?
The report pointed out that experts believe that gold could recover again and reach $2,700 in the last quarter of 2024. This is if the US Federal Reserve continues to ease interest rates. However, if geopolitical tensions increase, we could see historical numbers reaching $3,000 per ounce.
The report explained that the gold market in Egypt has slightly different dimensions due to the conflict between the pound and the dollar, and this is directly reflected in local gold prices.
Banker indicated that expectations indicate that the yellow metal will continue its rise as economic challenges continue and demand for gold bullion and pounds increases as a means of preserving money. Can we see prices exceeding the barrier of 4,000 pounds per gram of 21 carat? It is very possible with continued inflation and increased imports.
