THIS EVENING: Customers sold c.EGP 765 mn in FX at Al Ahly Exchange and Misr Exchange

Good afternoon, folks, and happy hump day. Even with Ramadan, the news cycle hasn’t slowed down and is still going strong with more updates after last week’s float.

So, when do we eat? Maghrib prayers are at 6:02 pm in the capital, and you’ll have until 4:41 am tomorrow to hydrate and caffeinate ahead of fajr.

THE BIG STORY TODAY

Float spurs influx of FX sales at the country’s two biggest FX bureaus: Customers have sold some EGP 765 mn worth of foreign currency at the National Bank of Egypt’s foreign exchange bureau Al Ahly Exchange and Banque Misr’s Misr Exchange in the five days following the central bank’s decision to float the currency, Al Arabiya reports, citing Al Ahly Exchange head Abdel head Meguid Mohy El Din and Misr Exchange boss Adel Fawzy. Most of the transactions at the former bureau were USD sales, with SAR and EUR accounting for a smaller portion of transactions.

And unlocks a flurry of remittances: Emirati FX bureau Al Ansari Exchange has seen a “remarkable increase” in expat transfers from the UAE to Egypt following the float, it said in a statement today.

Remember: FX trading on the parallel market has come to a halt in recent days. The USD on the official exchange market is changing hands between EGP 48.7 - 49.23 today.

THE BIG STORY ABROAD

Biden’s memory is making headlines in the international media this afternoon. US President Joe Biden was interviewed by special counsel, Robert Hur, who decided that Biden should not face charges over the evidence found that accuses him of withholding classified information from his time as vice president, reports the Associated Press. Biden maintained that he never intentionally retained the information. And while he did clear Biden in his report, Hur highlighted the president’s memory retention, calling him a “well-meaning, elderly man with a poor memory.”

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

• Post-float reactions: Almost a week later, the aftermath of the EGP float and 600 bps rate hike is still unfolding.
• The opening session of EFG Hermes’ One on One last week addressed the question on everyone’s minds: Are we or are we not endangered by AI ?
• The price tag of Scatec’s Naga Hamamdi solar plant unveiled: Norwegian renewables developer Scatec’s planned solar plant to power EgyptAlum’s Nagaa Hammadi industrial complex will be set up with investments of USD 1.1 bn.

☀️ TOMORROW’S WEATHER- Expect similar weather to today, with the mercury climbing to a high of 28°C in the day and cooling down to 14°C at night, according to our favorite weather app.