Good afternoon, wonderful people. We’re already in the middle of the short workweek and very much looking forward to the long weekend.

THE BIG STORY TODAY

Egypt’s external debt registers record decline in May: Egypt’s external debt dropped to USD 153.9 bn at the end of May, down by USD 14.17 bn — or 8.43% — from its level at the end of December 2023, according to a high-level source at the central bank.

We’ve got our imports covered for eight months: Egypt’s foreign reserves can now cover approximately 7.9 months of merchandise imports, “exceeding internationally accepted standards of safe levels,” the source said.

ICYMI- FX reserves hit a record high in June: Net foreign reserves increased in June to just under USD 46.4 bn, surpassing the previous record high of USD 46.1 bn recorded in May.

THE BIG STORY ABROAD

It’s all coming up Kamala: Media furor over Kamala Harris’s bid to replace Joe Biden as the Democratic Party’s presidential candidate continues at full throttle ahead of a scheduled vice presidential appearance at the White House today. With less than four months until the US presidential election on 5 November, Biden’s heir apparent has precious little time to wage a campaign against Donald Trump, who found himself backed by a united Republican Party at the Republican National Convention in Milwaukee last week.

What’s next? The Democratic National Committee’s rules committee has called a meeting for Wednesday to discuss the process for picking a new candidate. While Harris has garnered significant support from Democratic lawmakers since Biden’s announcement, she can’t become the party’s nominee until the vote at the Democratic National Convention, scheduled for 19-22 August. If a roll call at the convention does not show a clear majority for Harris, the convention will likely turn into an open primary — providing other would-be candidates like Michigan governor Gretchen Whitmer and Pennsylvania governor Josh Shapiro the option of throwing their hats into the race.

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

  • Soon we’ll all be able to screen spam calls: Mobile telephone numbers used for marketing calls must now be registered within a special database, allowing recipients to receive spam alerts from their service provider or the National Telecom Regulatory Authority (NTRA) prior to an incoming call.
  • FRA rolls out requirements for carbon trading: Brokerage firms looking to trade carbon certificates must have a minimum issued and paid-up capital of EGP 15 mn to get the greenlight from the Financial Regulatory Authority (FRA).

☀️ TOMORROW’S WEATHER- The mercury will peak at a high of 39°C, but will be dropping to a low of 26°C at night, according to our favorite weather app. Alexandria and Sahel are looking at slightly cooler temperatures with a high of 33°C and a low of 25°C.

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