Good afternoon, ladies and gents. It’s by far a calmer day today than it was yesterday, although we’re running with many of the same themes.

THE BIG STORY TODAY

CBE instructed banks to start blocking use of EGP debit cards for FX transactions: Local banks have reportedly received verbal instructions from the Central Bank of Egypt (CBE) to begin banning their clients from making FX-denominated purchases or withdrawals using debit cards linked to EGP accounts, Asharq Business reports, citing four unnamed bank CEOs. The instructions came as our FX shortage continues to bite, and as the CBE looks to clamp down on some customers overusing debit cards in international transactions, one of the sources is quoted as saying. A handful of banks have already announced the ban.

THE BIG STORY ABROAD

The war in Palestine and Israel is continuing to dominate headlines in the international press this afternoon, as the Israeli government declares a “complete siege” on the Gaza Strip to cut off the enclave from food, fuel, water, and electricity. Gaza already suffers from severe restrictions on movement of goods and people. The story is headlining the front pages of Bloomberg, Reuters, the Financial Times, the Wall Street Journal, and CNBC, among many others.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • More than 1.1k people are dead in Palestine and Israel as a war between Hamas and Israeli forces enters its third day.
  • Real estate developers are recording record sales figures in 2023 — fewer units are being sold, but they’re going for much higher prices.
  • Snackmaker Edita has launched its newest frozen baked products line, Molto Forni, an extension of Edita’s flagship brand Molto.

☀️ TOMORROW’S WEATHER- Expect the mercury to cool a few degrees, peaking at 29°C before settling at a nighttime low of 21°C, our favorite weather app suggests.

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