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00:00 We will follow up with you, our viewers, how the situation will be in the coming month of Ramadan,
00:07 especially for the Egyptians, who have been forced to endure many hardships,
00:11 whether it was the financial situation of the Egyptian consumer,
00:14 or the impact of inflation, which we have noticed in the prices of many of the basic food products,
00:21 as well as the recession of the price of the Egyptian pound.
00:24 We are heading to the most prominent of these changes, and what we expect in the food market,
00:31 specifically with the numbers of inflation, and as we mentioned some of the challenges,
00:34 with the rise in the price of the Egyptian pound exchange rate compared to the US dollar.
00:39 Investors' views will be on the prices of food products before Ramadan,
00:45 and specifically we are talking about a marathon of increases in food products prices,
00:49 reaching 200% with the increase in demand, we might be able to say that demand is somewhat excessive.
00:57 This methodology is a return to some of the social habits that must be eliminated,
01:03 which is the sanctification of goods and water before the month of Ramadan,
01:07 in addition to the needs of the Egyptian family,
01:09 a concern for providing these food products,
01:12 and perhaps the custom has been that this month, of course, the supplies and others are increasing.
01:17 Demand will be much more, and we expect to increase prices on sugar, oil, and others,
01:23 but if we look at the reasons for the increase in prices,
01:27 it is due to the weak government supervision that must determine the price ceiling of these goods,
01:33 or even determine their official price, a unified price, and not to sell at excessive prices according to the needs of the market.
01:39 Also, the increase in operating costs for companies after the dollar reached the level of 72 pounds,
01:46 and therefore the use of a lot of raw materials in manufacturing,
01:49 raises the cost of operating the import restrictions,
01:54 especially with the limited number of goods, more than 130 goods,
02:00 that were banned from the Egyptian market and replaced with local goods,
02:05 which may not meet the demands of local production.
02:09 What about the increase in the price of pounds compared to the US dollar,
02:14 despite the fact that today a large deal was announced for the tourism sector,
02:21 specifically in the northern coast, with an entry of 36 billion dollars.
02:26 We have improved the situation in the pound, and we have seen the price of 50 pounds, 53 pounds,
02:33 moving up against the dollar, while it was 64 pounds that week.
02:38 But the market has returned to us and the real risks have been evaluated.
02:41 We find that the rise in the price of pounds was somewhat compared to the fair price in the black market.
02:48 There is a big gap.
02:50 The government aid in Egypt for the sake of containing the crisis of prices was as follows.
02:54 The price ceiling was set at least for seven basic goods,
02:58 and therefore the absence of them, regardless of the demand of the local market,
03:01 or the lack of this raw material in the market, in March.
03:05 There will be opposition to the Egyptian governorates,
03:09 and they will reduce the price to 35% of the raw material in the market.
03:16 Indeed, we find that the prices are in the hands of the consumer.
03:20 As for the goods in the Egyptian ports,
03:23 a large part of which was spent when the foreign money reached the hands of the Egyptian government.
03:30 We are talking about nearly a billion and 300 million dollars,
03:34 which was what its value was.
03:39 Of course, the protection of the financial materials,
03:41 Egypt's needs are enough for six months of sugar from its storage.
03:46 We have oil for five months,
03:48 and certainly wheat, which we always find,
03:51 despite its availability in the Egyptian markets,
03:53 but for about four months.
03:56 So these seem to be some of the costs that occurred at the level of inflation
04:02 that we have and reached its peak in September,
04:05 indicating that it is 38.
04:08 But the peak was, as we mentioned in September,
04:11 we have in the forecast this year, from 38 to 29.8.
04:16 We are talking about a clear decline from September to January for the fourth month in a row.
04:23 This is a clear progress in the content of the measurable inflation.
04:27 The balance of measures for the content of inflation,
04:29 we are talking about an increase of up to 50% of minimum wages,
04:32 starting from 6,000 pounds,
04:35 despite the existence of beneficial rates since the beginning of this year.
04:37 The central increase of 5% with the financial year is different for us,
04:42 but this is also considered an addition of costs to the Egyptian consumer.
04:49 These were the most important challenges we have,
04:52 which the Egyptian consumer will face next Ramadan.