Another night with the nation’s talking heads focused on blackouts: Talk shows refused to shift their attention from the daily power cuts frustrating the nation, bringing us the latest on the government’s efforts to end the crisis and when we can expect a return to normality.

BLACKOUTS-

Shaker and El Molla put their heads together: Electricity Minister Mohamed Shaker and Oil Minister Tarek El Molla met yesterday to discuss how to resolve the crisis, Al Hayah Al Youm’s Lobna Assal said ( watch, runtime: 10:11). She also interviewed Electricity Ministry spokesperson Ayman Hamza, who told her that the issue will be resolved “within days.”

Remember: The current heatwave has sent electricity demand soaring, putting pressure on gas supplies needed for power generation. This has forced the government into making rolling blackouts every day to cut consumption. We had the full story in yesterday’s issue.

Business as usual at Zohr, says cabinet: The cabinet yesterday released a statement denying media reports that have claimed that the production at the critical Zohr gas field has declined due to technical problems. A report in industry publication Mees earlier this year claimed that output at the field declined by 11% to 2.5 bn cubic feet per day in 2022. The field is currently produci ng 2.3 bn cf/d , cabinet said yesterday. El Hekaya ( watch, runtime: 3:55) and Ala Mas’ouleety ( watch, runtime: 5:04) both picked up the statement.

INTEREST RATES-

Another rate hike next week? The Central Bank of Egypt (CBE) will likely raise interest rates when the Monetary Policy Committee (MPC) meets next week, economist Medhat Nafea told Lamees El Hadidi ( watch, runtime: 6:12). “Keeping rates unchanged didn’t achieve the desired outcome, it did not achieve monetary policy goals, inflation remains an issue, be it headline or core inflation ,” he said.

Where do rates currently stand? During its last meeting, the MPC left the benchmark rate at 18.25% for the second consecutive meeting, saying that it was continuing to assess the impact of the combined 1k-bps in hikes made since March 2022.

** We’ll be out with our customary interest rate poll on Sunday ahead of the MPC meeting on 3 August.

GOLD PRICES-

Checking in on local gold prices: Global gold prices were on the rise last week, but locally prices remain stable, Supply Ministry advisor Nagy Farag told El Hadidi ( watch, runtime: 4:34), pointing to the ministry’s decision to cut import duties on gold for Egyptians living abroad as helping to stabilize the market. 21-carat gold is currently trading at EGP 2,165 per gram, while 24-carat gold is trading at EGP 2,475 per gram.

WHERE’S THE PERSONAL STATUS ACT?

The new Personal Status Act remains with the cabinet for review before it gets sent to the House for discussion, Kelma Akhira’s Lamees El Hadidi said ( watch, runtime: 9:45). The new legislation was being redrafted by a committee after it was shelved by the House in 2021 after backlash. The amendments to the law grant judges more power to handle urgent cases regarding family support and speed up the judicial process when it comes to family matters.

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