Good afternoon, friends. It’s an eerily calm news day here at home so far, although we have a feeling it’s one of those days where we’ll see the pace pick up later on in the afternoon.

THE BIG STORY TODAY

The Central Bank of Egypt (CBE) has instructed all local banks to charge a minimum interest rate of 24% on secured loans in a bid to clamp down on carry trade following the issuance of new high-yield certificates of deposit (CDs) by the country’s two largest banks, Asharq Business reports, citing three banking sources. The new rule came into effect today.

Background: Banque Misr and the National Bank of Egypt last weekend introduced two 12-month CDs with record high yields: one with a single interest payment of 27% paid upon maturity, and another that offers monthly payouts at a reduced 23.5% annualized rate.

THE BIG STORY ABROAD

A Boeing 737 Max 9 from Alaska Airlines lost a fuselage panel after take-off on Friday and continues to dominate coverage in the international press this afternoon. Despite no loss of lives, the incident has renewed calls within the industry to extend the duration of in-flight voice recordings that are often used to retrieve vital flight data. US standards cap recording requirements at two hours, compared to 25 hours in Europe. Authorities were unable to retrieve the recordings from the Alaska Airlines flight because more than two hours had passed and the data was erased. Boeing shares fell nearly 8% in pre-market trading, while Spirit AeroSystems — which supplies Boeing’s fuselage for the jets — saw its shares drop 16%. (Reuters | Bloomberg | Financial Times)

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

  • The government has a new and ambitious FX inflows target for 2030: The Madbouly government aims to ramp up its foreign exchange inflows to around USD 300 bn a year by 2030 — nearly triple the country’s current annual FX revenues — to boost the economy’s resilience.
  • Savers line up for high-yield CDs: Savers have put away some EGP 11 bn into the newly introduced high-yield certificates of deposit (CDs) during their first 24 hours of issuance on Friday.
  • Egypt’s current account deficit narrowed in 1Q FY 2023-2024thanks to an increase in Suez Canal and tourism revenues.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

☀️ TOMORROW’S WEATHER- Expect another sunny day tomorrow with a high of 21°C and a drop to a cooler 13°C in the evening, according to our favorite weather app.

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