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EGP / USD CBE market average: Buy 17.84 | Sell 17.93 EGP / USD at CIB: Buy 17.84 | Sell 17.94 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Sunday): 15,842 (-0.2%) Turnover: EGP 446 mn (54% below the 90-day average) EGX 30 year-to-date: +5.5% THE MARKET ON SUNDAY: The EGX30 ended […]
Author Archives: enterpriseam admin
Posted inCALENDAR
16 July (Monday): Cairo Court of Appeals to issue ruling on EGP 5.6 bn antitrust case against pharma companies including Ibnsina. 23 July (Monday): Revolution Day, national holiday. 26-28 July (Thursday-Saturday): Green Banking: The Road to Sustainable Development, Baron Palace, Sahl Hasheesh, Hurghada. 05 August (Sunday): Egypt’s PMI reading for July released. 16 August (Thursday): […]
Posted inWhat We're Tracking Today
What we’re tracking on 15 July 2018
The Emerging Markets Zombie Apocalypse has put the squeeze on Egypt, with outflows from debt instruments in the USD 4-5 bn range, according to a Reuters report. But we’re not about to become walker-bait, Finance Minister Mohamed Maait told us in conversation this weekend (admittedly, he didn’t use those exact words). Maait acknowledged that global […]
Posted inEnterprise+: Last Night’s Talk Shows
Giza train derailment tops talking heads’ agendas
The derailment of a train in Giza that left 58 people injured on Friday was the most popular talking point on the airwaves last night. Preliminary results of the investigation suggest the train derailed because the track required maintenance, Assistant Transport Minister Amr Shaat said on Masaa DMC. Shaat also noted that the railway signals […]
Posted inSpeed Round
Gov’t in talks with global lenders for long-term facilities
EXCLUSIVE- Maait says global macro headwinds and outlfows from Egyptian debt instruments push gov’t to seek long-term facilities: The Madbouly government is in talks with international finance institutions line up longer-term facilities that will help plug Egypt’s financing gap, Finance Minister Mohamed Maait told Enterprise over the weekend. Who are we going to borrow from? […]
Posted inSpeed Round
Foreign institutions have pledged nearly USD 3bn in fresh(ish) financing
EXCLUSIVE- Maait will get a bit of help from foreign institutions that have pledged nearly USD 3bn in fresh(ish) financing: USD 1.53 bn from the World Bank: Maait told us this weekend that the World Bank agreed last week to extend some USD 1.53 bn in new loans to Egypt during meetings in Cairo last […]
Posted inSpeed Round
IMF releases third review of Egypt’s reform program
The IMF released on Thursday its third review of Egypt’s economic reform program, praising it for having “played a key role in stabilizing conditions, with external and fiscal deficit narrowing, inflation and unemployment declining, and growth accelerating.” The outlook for growth remains favorable in the medium-term, especially as the government presses ahead with planned reforms […]
Posted inSpeed Round
Local banks stand to benefit from central bank’s hold on key interest rates
Local banks stand to benefit from the central bank’s hold on interest rates, Beltone Financial bank analyst Nancy Fahmy told Bloomberg in an interview (watch, runtime: 4:16). Fahmy explained that the central bank’s decision to keep rates on hold at its last three meetings — to counter what policymakers see as a transient spike in […]
Posted inSpeed Round
EFG Hermes enters frontier markets with ASAI’s GBP 125 mn IPO
EFG Hermes concludes advisory on GBP 125 mn London Stock Exchange IPO of world’s largest microfinance lender: Our friends at EFG Hermes announced on Friday (pdf) took microfinance lender ASA International (ASAI) public on Friday with a GBP 125 mn initial public offering on the LSE. EFG Hermes, Citigroup, Investec and Keefe, Bruyette & Woods […]