Can the EGP go global?

Here are the stories driving the day both at home and abroad. Egypt wants the EGP to be “legally convertible” outside the country, meaning it can be exchanged beyond our borders and held in bank accounts abroad. CBE Governor Hassan Abdalla said at Egypt Forum 2026 that it’s possible, (watch, runtime: 9:51), and put the timeline at five years. This, however, depends on how much the world needs to buy Egyptian things and on how much investors trusts the currency. The questions we’re all asking: what does it actually mean and how can we get there?

Take EGP 100 to Heathrow and you can exchange it, but only at a handful of counters in London that will accept EGP, Al Ahly Pharos Head of Research Hany Genena tells EnterpriseAM. Meanwhile, the USD, EUR, and GBP are taken everywhere. Closing that gap is the goal. Why does the state want it? A convertible currency holds its value, which Genena says is “an alternative to gold.”

^^We’ll have more on this story in Sunday’s edition of EnterpriseAM, where we ask economists and analysts whether Egypt has what it takes.

HAPPENING TODAY- The Central Bank of Egypt’s Monetary Policy Committee is meeting today, and its decision is due in a few hours. The majority of analysts we spoke to expect key policy rates to be left unchanged. We’ll have more in the morning’s Weekend edition.

☀️ TOMORROW’S WEATHER- It’s another day of nice-to-have weather tomorrow, as the weekend kicks off with a high of 27°C under hazy sun before temperatures drop to 18°C overnight under clear to partly cloudy skies, according to our favorite weather app.

MAKING HEADLINES ABROAD-

Making headlines this afternoon is European Central Bank (ECB) President Christine Lagarde announcing her resignation, effective 7 February, just ahead of the ECB’s latest interest rate decision. Her term was due to run until October next year. EU leaders will begin the process of selecting her successor to replace one of the world’s most influential monetary policymakers. Former central bank governors Klaas Knot of the Netherlands and Pablo Hernandez de Cos of Spain are considered leading contenders to succeed Lagarde.

MEANWHILE- Even as his right-wing bloc lost its majority in parliament, Benjamin Netanyahu is seeking to remain Israel’s leader, as results emerged with nearly 86% of votes tallied as of yesterday. Still short of the 61-seat threshold, his hold on power depends on whether rival parties can form a Palestinian-backed coalition. Center-left leader Yair Golan accused Netanyahu of attempting to “undermine the election results through an ugly delegitimisation campaign” after Netanyahu’s Likud party alleged that Palestinian parties had “stolen” the election.

IN THE BUSINESS PRESS- Alphabet shares fell 10% in premarket trading today following the tech giant’s disappointing 3Q earnings report. The company reported negative freecash flow of USD 9.07 bn, well below analysts’ expectations of USD 2.7 bn. Sales and advertising revenue also fell short of analyst projections.