Good afternoon, wonderful people, and welcome back. We hope you all had a restful long Eid El Fitr holiday, and are easing back into the flow of things.

THE BIG STORY TODAY

CBE raises limits on ATM and over-the-counter withdrawals: The Central Bank of Egypt (CBE) has raised the daily limit that individuals and companies can withdraw from their bank accounts both in-branch and via ATMs, it said in a circular (pdf) today.

The new limits: The daily limit on over-the-counter withdrawals has been set at EGP 250k for individuals and companies, up from EGP 150k. Meanwhile, the daily limit on ATM withdrawals now stands at EGP 30k, up from 20k. The previous limits had been in place since August 2022.

THE BIG STORY ABROAD

As was the case since we last wrote to you this morning, the international press is stillfocused squarely on the rising regional tension between Israel and Iran after Tehran launched a retaliatory missile and drone attack on Tel Aviv on Saturday. Westernleaders are pressing Israel to practice restraint to avoid triggering a full-blown armed conflict. (Bloomberg | Financial Times | CNBC)

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

  • Inflation cools post float as traders price at a lower exchange rate: Egypt’s annual urban inflation cooled to 33.3% in March, down from 35.7% in February on the back of a softer increase in food prices as traders price at a lower exchange rate.
  • EU greenlights the first of our funds: The European Council has approved releasing EUR 1 bn in short-term financial assistance as the first tranche of a EUR 5 bn package of concessional loans to provide macro-financial assistance agreed to in March.
  • The Finance Ministry unveiled its draft budget for the coming fiscal year, which will see the government spend more money on education, healthcare, social protection, and food and fuel subsidies.

?️ TOMORROW’S WEATHER-Expect a slightly cloudy day in Cairo as the mercury reaches a high of 32°C and a low of 19°C, according to our favorite weather app.

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