Central bank expected to leave rates unchanged on Thursday

Good afternoon, all. Just two days in and September is already shaping up to be a busy month for business news.

THE BIG STORY TODAY-

We could be looking at another uneventful Thursday, with our interest rate poll seeing the central bank leaving interest rates unchanged when its Monetary Policy Committee meets later this week. Despite annual inflation falling to its lowest level since December 2022 in July, analysts continue to rule out interest rate cuts.

Remember: The bank left interest rates unchanged during its last meeting in July citing its commitment to sustaining the current trajectory of inflation moderation.

^^ Check out the full poll results in tomorrow’s edition of Enterprise Egypt AM.

THE BIG STORY ABROAD

For the second day running, the international press is hyperfixed on Israel. After Israeli forces recovered the bodies of six hostages in a tunnel in southern Gaza yesterday, Israelis took to the streets in their latest efforts to push Netanyahu’s government to accept a ceasefire agreement. The latest US-backed ceasefire proposal aims to bring about the release of the remaining hostages and a ceasefire in Gaza. (Bloomberg | Financial Times | CNBC | AP)

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

• More renewables projects in the pipeline: UAE’s Masdar, Infinity Power, and Hassan Allam Utilities will set up USD 900 mn worth of solar power plants in Upper Egypt with a combined capacity of 1 GW after the Madbouly government greenlit the move.
• Attention, private sector platerts: The private sector has the chance to invest in the healthcare, tourism, education sectors through tens of public-private partnerships (PPP) on the table.
• What’s next for B Investments’ stake in Gourmet? Private equity firm B Investments is looking to either fully exit or increase its 53% stake in subsidiary Gourmet — the parent company of high-end supermarket Gourmet Egypt.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo tomorrow at 35°C before simmering to a low of 25°C by nightfall, according to our favorite weather app.