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14 November (Tuesday): SEMED Business Forum: Investing for Sustainable Growth, Conrad Hotel, Cairo. 16 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee to review policy rates. 19-21 November (Sunday-Tuesday): 11th Annual INJAZ Young Entrepreneurs Competition, Four Seasons Nile Plaza, Cairo. 01 December (Friday): Prophet’s Birthday, national holiday. 01-03 December (Friday-Sunday): RiseUp Summit, Downtown Cairo. […]
Author Archives: enterpriseam admin
Posted inWhat We're Tracking Today
What we’re tracking on 12 November 2017
We come out of the weekend with a string of good news, folks. Inflation figures have now dropped for the third straight month, signalling once again that inflation may have peaked in July. Rating agency Standards and Poor’s has also upgraded Egypt’s outlook to ‘positive’ from ‘stable’ on the back of stable FX reserves and […]
Posted inWhat We’re Tracking This Week
What we’re tracking this week
The central bank’s Monetary Policy Committee convenes on Thursday to review interest rates. Despite inflation falling on an annual basis again in October, we’re not expecting a cut in rates before the MPC’s 28 December meeting, by which time a year of post-float inflation data will be in the bag. The Finance Ministry is planning […]
Posted inON THE HORIZON
On the horizon
Egypt plans to launch its first electronic visa in December at the Cairo ICT expo running from 3-6 December.
Posted inEnterprise+: Last Night’s Talk Shows
Between the IMF delegation’s report and S&P’s outlook upgrade, Amr El Garhy had plenty to talk about
With plenty of developments on the economic front, Finance Minister Amr El Garhy blanketed the airwaves last night to discuss the IMF delegation’s visit and report on Egypt’s progress and reforms, as well as S&P’s long-awaited move to raise the country’s outlook to ‘positive.’ The IMF delegation agreed to make some adjustments to certain figures […]
Posted inSpeed Round
Inflation eases in October
Urban consumer price inflation dropped to 30.8% in October from 31.6% in September on an annual basis. EFG Hermes economist Mohamed Abu Basha explains that, “on a monthly basis, inflation was up 1.1%, largely due to i) 7% M-o-M increase in communication costs, which followed the increase of pre-paid mobile bills; and ii) 20% M-o-M […]
Posted inSpeed Round
S&P raises Egypt’s credit outlook to Positive from Stable
Standard & Poor’s raised Egypt’s outlook to Positive from Stable on the back of rising FX reserves and strengthening economic growth, according to a statement from the S&P (paywall) on Friday. The positive outlook reflects a "potential upgrade over next year" if Egypt continues to carry outs its reforms to support both investment and growth. […]
Posted inSpeed Round
IMF reaches agreement with Egypt to disburse USD 2 bn
IMF reaches agreement with Egypt to disburse USD 2 bn: The S&P’s announcement came just hours after the IMF announced that it had reached a staff level agreement with the government on disbursing the USD 2 bn tranche of its USD 12 bn Extended Fund Facility. “Egypt’s economy continues to perform strongly, and reforms that […]
Posted inSpeed Round
Fuel subsidy spending rises 68% y-o-y in 1Q2017-18, El Molla says
Fuel subsidy costs rose 68% y-o-y to EGP 23.5 bn in 1Q2017-18, up from EGP 14 bn in the same quarter of the previous fiscal year, Oil Minister Tarek El Molla told reporters yesterday, Reuters reports. The minister reaffirmed that the government would not raise fuel subsidies again during this fiscal year, but said gasoline […]