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It’s MPC day: The Central Bank of Egypt’s Monetary Policy Committee (MPC) is meeting today to decide on interest rates. A Reuters poll earlier this week showed nine out of 13 economists expecting the central bank to hold overnight deposit and lending rates at 14.75% and 15.75%, respectively. Five out of seven economists surveyed by […]
Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
HSBC’s MENA & Turkey Equity Conference takes place in Dubai next Wednesday (22 February). JP Morgan’s Global Emerging Markets Corporate Conference kicks off in Florida on 27 February. The EFG Hermes One on One takes place in Dubai starting 6 March 2017. Renaissance Capital will host its Egypt Investor Conference in Cape Town 24-25 April […]
Posted inEnterprise+: Last Night’s Talk Shows
Al Banna makes the rounds to address corruption allegations; Amr Adib pours his heart out after Messi shattered it to a mn pieces
Newly appointed Agriculture Minister Abdel Moneim Al Banna took to the airwaves (and newspapers) last night to address concerns over allegations of corruption that have plagued him since his appointment was first rumored early this week. Naturally, the first place to defend one’s reputation is on the fact of the alternative facts factory that is […]
Posted inSpeed Round
Russia still not entirely satisfied with Egypt’s upgraded airport security measures
Russian tourists likely not returning on 23 February: Russian officials are still not entirely satisfied with upgrades to Egyptian airport security measures, Upper House Parliament Speaker Valentina Matvienko said, according to Russian news agency Sputnik. Matvienko confirmed that she would be visiting Egypt in March but that the trip is “unrelated to flight security issues.” […]
Posted inSpeed Round
Prime Minister to meet with new line-up early next week as opinions on the appointments start rolling in
Prime Minister Sherif Ismail will have his first tête-à-tête with his new cabinet lineup early next week, the PM old Egyptian state television last night, without clarifying when the new ministers will be sworn in, Al Shorouk reports. Sources tell the newspaperthat the shuffle will be followed by a shakeup of the nation’s governors, with […]
Posted inSpeed Round
Gov’t revises deficit target up to 10.25% for the current fiscal year
Finance ministry revises budget deficit target for current FY: The budget deficit for the state’s current fiscal year will close in the 10-10.25% range against an initial estimate of 9.8% of GDP, Reuters’ Arabic service quotes Finance Minister Amr El Garhy as saying. El Garhy says Egypt remains on track to bring the deficit down […]
Posted inSpeed Round
Finance Ministry sets custom rate at EGP 16 for the USD 1, customs revenues reach EGP 14.5 bn
The Finance Ministry has revised its exchange rate for customs duties to EGP 16.00 per USD from EGP 18.50 per greenback, Al Borsa reports. The ministry will also review the exchange rate to be used to calculate customs every 15 days instead of every 45 days, as had been the practice. The story was also […]
Posted inSpeed Round
Government planning to launch a media campaign on the VAT after the executive regulations become official
The Finance Ministry will reportedly roll-out a three-month promotional campaign for the value-added tax and is set to release the executive regulations for the tax next week, Al Borsa writes in a piece promoting the ad agency it reports as having been tapped to run the campaign.
Posted inSpeed Round
Egypt will reach natural gas self-sufficiency by 2018 -EGAS
Egypt aims to reach natural gas self-sufficiency in 2018, EGAS Chairman Mohamed El Masry told Reuters' Arabic Service. The private sector will be able to import natural gas for industries through new regulations by 2018 or possibly before then, he added. A large portion of the gap between supply and demand will be filled when […]