Dear followers everywhere, welcome to a new analysis of the latest local and global economic events and reports presented by the Banker Research Unit around the clock today, Saturday, November 23, 2024.
Today, Banker platforms presented a number of important reports on the Egyptian and global economy.
The beginning is about businessmen’s dollars. The report explained that a few months ago, specifically last March, when the Egyptian pound depreciated, the world changed and the black market for the dollar almost disappeared, and the banks returned to remaining the safe haven for remittances. A decision like this was supposed to leave the entire dollar under the control of the government.
The report spoke about the sources of the dollar that are far from the control of the state, and said that some businessmen keep a portion of export revenues in companies outside Egypt in order to finance imports that are not a priority or are not essential, and these are needs that the banks here do not finance. Also, not all tourism revenues are entered into banks by tourism companies. There is a part that is reserved outside the banking system.
The report pointed out that these companies see that they need more freedom to use their dollar money to cover their needs. The problem is that at a time when the government needs every dollar that enters the country, this situation has become a worrying factor.
The Banker report explained that the government needs every dollar entering the Egyptian banking system, especially with the recent economic challenges and the decline in revenues from some sources of hard currency, as happened, for example, in revenues from the Suez Canal, which I clearly said, and the pressures on the pound increased, and every dollar that remained has great value, so the government began to take Steps to bring these dollars into the country
The following report presented by Banker platforms was about what is happening in the Abu Marwat region and the story of the invasion of Egyptian gold into world markets.
Banker indicated that Egypt produces about 15.8 tons of gold annually and has 270 gold sites, and the report explained
Egypt’s gold reserves are currently estimated at 7.3 million ounces. Last fiscal year, it produced about 560,000 ounces of gold, and a plan is to reach 800,000 ounces of gold during 2030.
The report highlighted the recent statements of the Gold Industry Division, in which it said that the Egyptian government’s plan aims to include Egypt among the top 20 countries exporting jewelry and precious metals during 2025. The Division based its expectations on the growth of the gold industry in Egypt, which has an excellent international reputation, and also because of the recent discoveries of gold metal. There is more than one mine..
The report reviewed the capabilities of the mining sector in Egypt, especially gold ore, and the report revealed that the Abu Marwat Gold Extraction Company estimated its gold reserves at half a million ounces.
The report pointed out that the Sukari mine in Egypt is the largest open-pit mine in the world and its production volume has reached 500 thousand ounces of gold annually, and that all these discoveries indicate that Egypt will be an important number in the gold jewelry market through export to global markets.
The Banker Research Unit submitted a different report today saying that Egypt is preparing for a major economic leap
The report explained that during the past hours, there was a meeting between Dr. Rania Al-Mashat, Minister of Planning and Economic Development, and a delegation from the World Bank to discuss the foreign direct investment strategy in Egypt.
Al-Thaqrir explained that this strategy aims to stimulate various sectors such as industry, agriculture, energy, and tourism… and develops a long-term plan for sustainable development during the period from 2025 to 2030.
Banker pointed out that, according to the minister’s words, this mechanism is considered part of a strategic partnership with the European Union that aims to provide mixed financing and create diverse investment opportunities. All of this will increase Egypt’s ability to compete economically.
The report revealed that current indicators indicate that Egypt has an advanced infrastructure, and there is also consensus with international partners to enhance economic cooperation. With Egypt having a strategic geographical location that allows it to expand into the Middle East and African markets, the general framework remains promising.
The last report we have today regarding what will happen in Egypt by the end of 2024
The report pointed out that the Central Bank, in the last Monetary Policy Committee meeting, decided to fix the interest rate without change for the fifth time in a row. This left many people asking about the reason for the decision, its meaning, and its impact on the market and commodity prices in Egypt.
Banker explained that the decision to fix the interest rate is a major indicator that indicates that there is a delicate balance that the central bank is trying to work to control inflation and prevent the rise in prices.
The report pointed out that the Central Bank is doing what it can to control the situation, but the solutions are not in its hands alone. There must be solidarity between all parties so that we can stand on our feet again.
The report explained that this decision may appear to be merely a technical step, but in reality it affects everything in our lives. Think about every detail of prices, loans, investments, and even the value of the pound in your pocket.
