Good afternoon, folks, and happy Thursday. As much as this week has brought on some positivity we couldn’t be more excited for the weekend and the onset of Ramadan.

THE BIG STORY TODAY

It’s day one after the float and the news cycle is only accelerating-EGP is slightly up in the banks this afternoon, with the USD ranging from49.7 to 49.4 at dispatch time.

Our debt story is also making the headlines in the int’l press:

JP Morgan ❤️ our debt. The bank recommended buying our one-year t-bills at today’s auction, Reuters reports citing a note from the bank, in another sign that the Egyptian debt will be once again lucrative to foreign investors following the float and the unprecedented 600 bps rate hike yesterday.

ICYMI: The Central Bank of Egypt is selling EGP 110 bn worth of t-bills between today and Sunday, including EGP 30 bn worth of one-year t-bill today.

Egypt local-currency bonds are now offering the third highest among 23 developing economies, according to data tracked by Bloomberg. “The return of portfolio inflows would lock in the final piece of the funding puzzle for Egypt,” the news service wrote.

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

  • CBE takes its hands off EGP, delivers 600 bps rate hike: The Central Bank of Egypt floated the EGP yesterday, leaving the exchange rate “to be determined by market forces” after it hiked interest rates by 600 bps at a surprise monetary policy meeting.
  • Egypt has lined up a USD 8 bn program with the International Monetary Fund and could add another USD 1-1.2 bn in climate finance if separate negotiations translate into an agreement.
  • IMF mission chief for Egypt Ivanna Hollar says the cabinet has pledged to slow spending on infrastructure as part of a package to bring more discipline to how we manage fiscal policy.

🌤️ TOMORROW’S WEATHER- Expect a partly cloudy day starting at a low of 12°C before reaching an afternoon high of 23°C and falling back down to 15°C, according to our favorite weather app.

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