{"id":567090,"date":"2020-01-13T04:20:05","date_gmt":"2020-01-13T04:20:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=567090"},"modified":"2025-12-16T05:43:08","modified_gmt":"2025-12-16T05:43:08","slug":"analysts-split-on-interest-rates-ahead-of-thursdays-cbe-meeting","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/analysts-split-on-interest-rates-ahead-of-thursdays-cbe-meeting\/","title":{"rendered":"Analysts split on interest rates ahead of Thursday\u2019s CBE meeting"},"content":{"rendered":"<section id=\"567092\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"567092\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/what-were-tracking-on-13-january-2020\/\">\r\n                            What we\u2019re tracking on 13 January 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/what-were-tracking-on-13-january-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The big stories are still on the international front (Libya, Ethiopia and Iran), but M&amp;A news is back in the headlines and the CBE is shaping up to be the newsmaker of the week between the end of its subsidized loan program for midsized industries, the strengthening of the EGP and Thursday\u2019s interest rate meeting.<\/p><p><strong>It\u2019s crunch time on GERD talks:<\/strong> Egypt, Sudan and Ethiopia will begin what\u2019s being billed as a final round of talks in Washington today in the hope of finally reaching an agreement on the filling timetable for the reservoir of the Grand Ethiopian Renaissance Dam (GERD).<\/p><p><strong>There\u2019s no sign (so far) that a breakthrough is imminent:<\/strong> The three Nile river countries pledged to end the years-long impasse by the 15 January, but neither Egypt nor Ethiopia has ceded any ground. Ethiopian PM Abiy Ahmed insiss his country will begin filling the reservoir in July; he says it will be done in 12 years, Egyptian officials want a 21-year period.<\/p><p><strong>Ethiopia changing its tune on international mediation?<\/strong> Ahmed has called for South African President and incoming African Union head Cyril Ramaphosa to get involved in the dispute in the hope that he may force a resolution, according to <a href=\"https:\/\/apnews.com\/68d9e2a87fcced5bedefa0ceac01c5b8\">the Associated Press<\/a>. We\u2019re reading that as a signal not to expect a breakthrough today.<\/p><p><strong>Meanwhile, Libya enjoyed a quiet night as a ceasefire held <\/strong>(we have detailed coverage in this morning\u2019s Speed Round, below) and <strong>Iran\u2019s leaders faced a second night of protests <\/strong>following the government\u2019s admission it shot down a Ukrainian airliner, killing all 176 people on board. The Iran story is making headlines globally. See: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-01-12\/fury-erupts-at-iran-s-leaders-after-days-of-dissembling-on-crash?srnd=premium-europe\">Bloomberg<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/86df67f6-3524-11ea-a6d3-9a26f8c3cba4\">FT<\/a>, <a href=\"https:\/\/www.bbc.com\/news\/world-middle-east-51081833\">BBC<\/a> and <a href=\"https:\/\/edition.cnn.com\/2020\/01\/12\/middleeast\/iran-protests-ukraine-plane-uk-ambassador-intl-gbr\/index.html\">CNN<\/a><\/p><hr class=\"grey-line\"><p><strong>EGP WATCH:<\/strong> The EGP continued to gain against the greenback yesterday following the Finance Ministry\u2019s t-bill auction, rising to EGP 15.89 per USD from EGP 15.93 last week. At least one banker has <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2020\/1\/12\/1704695\/-%D8%A7%D8%B3%D8%AA%D9%85%D8%B1%D8%A7%D8%B1-%D8%AA%D8%AF%D9%81%D9%82%D8%A7%D8%AA-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%AC%D8%A7%D9%86%D8%A8-%D8%A8%D8%A3%D8%B0%D9%88%D9%86-%D8%A7%D9%84%D8%AE%D8%B2%D8%A7%D9%86%D8%A9-%D9%8A%D8%AF%D9%81%D8%B9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D9%84%D8%AA%D8%B1%D8%A7%D8%AC%D8%B9#sectionListing\">attributed the bump<\/a> to foreign inflows into EGP-denominated government bonds ahead of Thursday\u2019s MPC meeting. Yesterday\u2019s t-bill auction was more than 3x oversubscribed, as investors lodged EGP 51 bn in bids for EGP 14.5 bn in 3-month and 9-month treasuries.<\/p><p class=\"web-image stand-out-borderless\"><a href=\"http:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Marina-Web.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Investors are starting off the year with a bright outlook for global growth in 2020<\/strong>. It\u2019s a marked shift from sentiment last year, when concerns of a recession were triggered by higher interest rates and mounting tariffs, but the Federal Reserve rate cuts and the US-China trade agreement later in the year instead drove a market rally. The S&amp;P 500 hasn\u2019t recorded a 1% daily pullback in three months and was unperturbed by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca30fa5e-2ab9-4053-ae05-d46a35cd6605\">the escalating tensions<\/a> between the US and Iran. <a href=\"https:\/\/www.wsj.com\/articles\/bets-on-global-growth-rebound-power-stock-market-gains-11578825000?mod=searchresults&amp;page=1&amp;pos=1\">The Wall Street Journal has more<\/a>.<\/p><p><strong>Asset managers are lining up to tap China\u2019s USD 4.2 tn investment fund market <\/strong>ahead of the abolition of foreign ownership limits in April, <a href=\"https:\/\/www.ft.com\/content\/fbee7011-1b2d-4262-bc88-c915b16a04c1\">says the Financial Times<\/a>. This highly anticipated change, which China said last October will happen a year earlier than initially expected, will allow foreign investment houses to fully own a fund management company. They could then tap a vast retail investment market without the need for a local partner.<\/p><hr class=\"grey-line\"><p><strong>Vanguard assets surpass USD 6 tn benchmark<\/strong><strong> for the first time following increased <\/strong><strong>investor inflows from 2019. <\/strong>Despite more conservative investor sentiment in the wake of US stock market highs at the end of December 2019, the asset management giant has marked its third best performance on record, breaching USD 6 tn in managed assets, <a href=\"https:\/\/www.ft.com\/content\/46d54475-54d7-4ad0-88a5-00b25c32a433\">the FT reports<\/a>.<\/p><p><strong>This is part of the \u201cgreat index fund takeover\u201d,<\/strong> which <a href=\"https:\/\/www.bloomberg.com\/news\/features\/2020-01-09\/the-hidden-dangers-of-the-great-index-fund-takeover?sref=mmeFTDW1\">Bloomberg says<\/a> has resulted in the top three ETF providers (BlackRock, Vanguard and State Street) becoming \u201cthe most important players in corporate America.\u201d With a combined USD 15.5 tn in assets under management, the concentration of shareholder power in the hands of just three funds is raising concern among regulators, lawmakers and activists alike.<\/p><hr class=\"grey-line\"><p><strong>Aramco IPO value hits new record:<\/strong> Saudi Aramco said yesterday that the size of its IPO had reached a record USD 29.4 bn after it exercised its \u201cgreenshoe option\u201d allowing it to sell an additional 450 mn shares to satisfy investor demand, <a href=\"https:\/\/apnews.com\/399cda92332bb79bea96d63f758e4cea\">the Associated Press reports<\/a>.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the <strong>business of education<\/strong> in Egypt, from pre-K through the highest reaches of higher ed. <strong>Blackboard appears every Monday<\/strong> in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> We look at how Egypt is building competence in artificial intelligence.<\/p><p><strong>PSA- We\u2019re getting a brief reprieve from the cold: <\/strong>Winter is taking a little breather this week through Thursday, with temperatures in Cairo expected to increase 5\u00b0C, <a href=\"http:\/\/ema.gov.eg\/pdf\/4df.png\">according to the<\/a><a href=\"http:\/\/ema.gov.eg\/pdf\/4df.png\">Egyptian Meteorological Authority<\/a><a href=\"http:\/\/ema.gov.eg\/pdf\/4df.png\">(pdf)<\/a>. Look for a high of 20\u00b0C today rising to 24\u00b0C on Wednesday before the mercury settles in at 19\u00b0C or below for the foreseeable future.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/anghami\/\">Anghami<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/asset-management\/\">asset management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/treasuries\/\">treasuries<\/a>\n                <!-- 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   <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/last-nights-talk-shows-for-sunday-12-january-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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class=\"content-anchor\" id=\"tldr-story-06\"><\/a><strong> Headlining the talk shows last night was Qalaa Holdings chief Ahmed Heikal,<\/strong> who sat down for a 20 minute chat with Al Kahera Alaan\u2019s Lamees El Hadidi, delving into the economy, global trade wars, and expectations for TAQA Arabia\u2019s IPO. Here are the key takeaways from the interview (<a href=\"https:\/\/www.youtube.com\/watch?v=G_XzpvObMgU\">watch, runtime: 23:44)<\/a>:<\/p>\n<ul>\n<li><strong>TAQA Arabia to debut in April?<\/strong> Heikal said that Qalaa subsidiary TAQA Arabia will make its debut by April this year. Qalaa will sell up to <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/25\/taqa-arabia-to-sell-30-stake-in-ipo-on-egypts-bourse-next-year-6972\/\">30% of its subsidiary's shares<\/a> on the EGX while retaining controlling stakes in the company.<\/li>\n<li><strong>Investment and job creation should be top priority for the gov\u2019t: <\/strong>Noting that progress had been made on economic reform, Heikal drew attention to the low rates of foreign investment and slow job creation in the economy. Ordinary Egyptians will not see a rise in income until these problems are solved, he said.<\/li>\n<li><strong>The private sector is optimistic but continues to face challenges:<\/strong> Economic inefficiency and difficulties with communication continue to make the lives of private sector companies harder than they need to be, he said.<\/li>\n<li><strong>The US-China trade war could have an impact for many years to come<\/strong>, Heikal suggested, using one example. The US imposition of dumping fees on Chinese exports resulted in China depreciating its currency, making the EGP more expensive to Chinese companies importing from Egypt.<\/li>\n<\/ul>\n<p><strong>GERD talks also feature on Al Kahera Alaan: <\/strong>El Hadidi phoned Heba Al-Qudsi, the Washington bureau chief of Asharq Al-Awsat, who said that this meeting is the last chance for the sides to reach a fair and balanced agreement. If they fail to make a breakthrough, the dispute will only escalate, she warned <a href=\"https:\/\/www.youtube.com\/watch?v=JTvPjH2Nhjo\">(watch, runtime: 3:11)<\/a>. Law professor Ayman Salama says mediation will be the next step if these talks fail, with a final resort being the International Court of Justice <a href=\"https:\/\/www.youtube.com\/watch?v=jL4TMxl-Q6E\">(watch, runtime: 4:17)<\/a>. El Hadidi also phoned in former Irrigation Minister adviser Diaa Al-Din Al-Qousi who went back to basics stressing that the Nile River is a cross-border river and there no decision will be taken without Egypt, Sudan, and Ethiopia\u2019s consent <a href=\"https:\/\/www.youtube.com\/watch?v=zjGabGv8F-E\">(watch, runtime: 5:19)<\/a>.<\/p>\n<p><strong>The Libyan ceasefire was all over the airwaves:<\/strong> Min Masr's Amr Khalil mentioned that the Foreign Ministry welcomed the ceasefire in Libya and renewed its call for a political solution <a href=\"https:\/\/www.youtube.com\/watch?v=MbHiIm9N0zA\">(watch, runtime: 2:35)<\/a>. Al Hayah Al Youm's Hossam Hadad highlighted President Abdel Fattah El-Sisi's meeting with the European Council President Charles Michel where the two agreed on working towards a comprehensive political settlement of the Libyan issue <a href=\"https:\/\/www.youtube.com\/watch?v=BxgPrciayFs\">(watch, runtime: 1:58)<\/a>. Min Masr's Reham Ibrahim noted that President Abdel Fattah El Sisi received a phone call from German Chancellor Angela Merkel to discuss the situation in Libya <a href=\"https:\/\/www.youtube.com\/watch?v=Z78X4FPxeGw\">(watch, runtime: 1:11)<\/a>. El Hekaya's Amr Adib also took note of the story <a href=\"https:\/\/www.youtube.com\/watch?v=0SZzqd7ignc\">(watch, runtime: 2:40)<\/a>. We have more in this morning\u2019s Speed Round, below.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"567095\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"567095\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/analysts-split-on-interest-rates-ahead-of-thursdays-cbe-meeting\/\">\r\n                            Analysts split on interest rates ahead of Thursday\u2019s CBE meeting                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/analysts-split-on-interest-rates-ahead-of-thursdays-cbe-meeting\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Four of the seven analysts we polled predicted the central bank would cut rates, while three see the MPC leaving rates on hold. Seven of 10 economists we had <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/22\/enterprise-poll-central-bank-of-egypt-to-keep-rates-on-hold-in-final-meeting-of-2019-8827\/\">polled in December<\/a>, when the meeting was originally scheduled to take place, saw rates being left unchanged.<\/p>\n<p><strong>The CBE cut rates by <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/17\/central-bank-of-egypt-cuts-interest-rates-by-100-bps-6356\/\">100 bps in November<\/a><\/strong><strong>,<\/strong> capping a year of accelerated easing that saw 450 bps in rate cuts between February and November. The overnight deposit rate currently stands at 12.25%, the lending rate at 13.25%, and the main operation and discount rates at 12.75%.<\/p>\n<p><strong>December\u2019s inflation reading seems to have changed a couple of minds,<\/strong> with EFG Hermes\u2019 Mohamed Abu Basha and Renaissance Capital\u2019s Ahmez Hafez now predicting cuts. The annual urban inflation rate effectively <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d2b190e-4d13-4356-ad64-f11e3232b3b4\">doubled to 7.1% last month<\/a> due to rising food prices. Abu Basha suggested that this shows inflation has now \u201cnormalized,\u201d providing the CBE with space to cut rates by 50-100 bps. Meanwhile, Hafez is calling a 100-bps cut citing the second consecutive reading of monthly deflation.<\/p>\n<p><strong>Others cite rising inflation as a reason for staying put:<\/strong> Pharos head of research Radwa El Swaify maintained her forecast for a hold due to the pickup in inflation and increasing geopolitical risks. Shuaa senior economist Esraa Ahmed also said that inflation \u2014 along with rising commodity prices \u2014 will persuade the central bank to pause this week.<\/p>\n<p><strong>Global easing trends could persuade the central bank to cut,<\/strong> according to HC Securities chief economist Monette Doss, who became more dovish from December. She now predicts a 100-bps cut compared to 50 bps last month.<\/p>\n<p><strong>The CBE will likely hit pause to \u201ctest liquidity levels\u201d<\/strong> after a year of \u201cbold interest rate reduction decisions,\u201d Beltone\u2019s Alia Mamdouh said, maintaining her forecast from December.<\/p>\n<p><strong>Inflation predictions vary but all see prices remaining within the CBE\u2019s target range:<\/strong> The strength of the EGP and the government\u2019s decision to hold fuel prices will ensure that inflation is maintained within the 9% (\u00b1 3%) range<strong>,<\/strong> Mamdouh said. Capital Economics\u2019 senior EM economist Jason Tuvey wrote in a note last week that prices will not rise above the midpoint of the CBE\u2019s target range, leading him to believe that the central bank will opt to cut by 50 bps this week. El Swaify sees inflation falling back to around 5% by February, while Doss forecasts inflation to average 5.7% during the first half of 2020.<\/p>\n<p><strong>Going forward:<\/strong> Although she sees little chance of a cut this week, El Swaify remains confident the CBE will take its hand off the brake in the next two months, predicting a 100-bps cut by the end of the first quarter. Meanwhile, Capital Economics is sticking with its <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/27\/egypt-to-be-the-regions-star-performer-in-2020-capital-economics\/\">prediction from last year<\/a> of a 325-bps cumulative cut through 2020, which would return the overnight deposit rate to pre-float levels of 10.00%.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"567114\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"567114\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/egypt-in-the-news-on-14-january-2020\/\">\r\n                            Egypt in the news on 14 January 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/egypt-in-the-news-on-14-january-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/egypt-in-the-news-on-14-january-2020\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/egypt-in-the-news-on-14-january-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the news on 14 January 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/egypt-in-the-news-on-14-january-2020\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/egypt-in-the-news-on-14-january-2020\/&title=Egypt in the news on 14 January 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+news+on+14+January+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F01%2F13%2Fegypt-in-the-news-on-14-january-2020%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/egypt-in-the-news-on-14-january-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-567114\" class=\"content-area-description single-story post-567114 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>All is quiet in the pages of the foreign press this morning<\/strong>, with little coverage of Egypt and no single story dominating the conversation on our fair country today.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"567118\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"567118\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/the-market-yesterday-4\/\">\r\n                            The Market Yesterday                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/the-market-yesterday-4\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/the-market-yesterday-4\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/the-market-yesterday-4\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The Market Yesterday&url=https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/the-market-yesterday-4\/\">\n                    X           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<\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/the-market-yesterday-4\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-567118\" class=\"content-area-description single-story post-567118 post type-post status-publish format-standard hentry category-the-market-yesterday tag-enterpriseam tag-the-market-yesterday wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.89 | Sell 15.99<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.89 | Sell 15.99<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.91 | Sell 16.01<\/p>\n<p><strong>EGX30<\/strong> (Sunday): 13,803 (+0.5%)<br \/>\n <strong>Turnover:<\/strong> EGP 424 mn (37% below the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -1.1%<\/p>\n<p><strong>THE MARKET ON SUNDAY:<\/strong> The EGX30 ended Sunday\u2019s session up 0.5%. CIB, the index\u2019s heaviest constituent, ended up 0.4%. EGX30\u2019s top performing constituents were Egyptian Iron & Steel up 4.3%, Ezz Steel up 3.9%, and SODIC up 3.1%. Yesterday\u2019s worst performing stocks were Palm Hills down 0.8%, Orascom Construction down 0.7% and Egyptian Resorts down 0.4%. The market turnover was EGP 424 mn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -9.2 mn<br \/>\n <strong>Regional<\/strong>: Net long | EGP +5.6 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +3.6 mn<\/p>\n<p><strong>Retail<\/strong>: 74.3% of total trades | 70.6% of buyers | 78.0% of sellers<br \/>\n <strong>Institutions<\/strong>: 25.7% of total trades | 29.4% of buyers | 22.0% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 59.04 (-0.9%)<\/p>\n<p><strong>Brent:<\/strong> USD 64.98 (-0.6%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 2.20 MMBtu, (+1.7%, February 2020 contract)<\/p>\n<p><strong>Gold:<\/strong> USD 1,560.10 \/ troy ounce (+0.4%)<\/p>\n<p><strong>TASI:<\/strong> 8,371 (+0.3%) (YTD: -0.2%)<br \/>\n <strong>ADX:<\/strong> 5,083 (+0.2%) (YTD: +0.2%)<br \/>\n <strong>DFM:<\/strong> 2,752 (+0.1%) (YTD: -0.5%)<br \/>\n <strong>KSE Premier Market:<\/strong> 6,929 (+1.9%)<br \/>\n <strong>QE:<\/strong> 10,508 (+0.6%) (YTD: +0.8%)<br \/>\n <strong>MSM:<\/strong> 3,977 (+0.8%) (YTD: -0.1%)<br \/>\n <strong>BB: <\/strong>1,600 (+0.2%) (YTD: -0.6%)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-market-yesterday\/\">The Market Yesterday<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"567119\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/567119\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-567119\" class=\"content-area-description single-story post-567119 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>January: 1,000 artifacts to be displayed when <a href=\"https:\/\/www.egypttoday.com\/Article\/4\/79118\/Hurghada-Museum-to-be-inaugurated-on-Jan-2020\">Hurghada Museum opens.<\/a><\/p>\n<p>January: <a href=\"https:\/\/punchng.com\/uk-africa-investment-summit-holds-in-jan-2020-foreign-secretary\/\">UK-Africa Investment summit<\/a>, London, United Kingdom.<\/p>\n<p>13 January (Monday): Egypt, Sudan, and Ethiopia move to Washington, DC, for a fourth (and final?) round of negotiations on GERD.<\/p>\n<p>15 January (Wednesday): The Grievance Committee of the Financial Regulatory Authority will <a href=\"https:\/\/almalnews.com\/%D8%AA%D8%A3%D8%AC%D9%8A%D9%84-%D9%86%D8%B8%D8%B1-%D8%AA%D8%B8%D9%84%D9%85%D8%A7%D8%AA-%D8%A3%D8%B2%D9%85%D8%A9-%D8%B9%D8%B1%D8%B6-%D8%B4%D8%B1%D8%A7%D8%A1-%D8%A3%D8%B3%D9%87%D9%85-%D8%A3%D9%85%D8%B1\/\">look into minority shareholder's complaints<\/a> over Adeptio AD Investments' mandatory tender offer (MTO) for Americana Egypt.<\/p>\n<p>16 January (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>21-24 January (Tuesday-Friday): World Economic Forum (WEF) Annual Meeting, Davos-Klosters, Switzerland.<\/p>\n<p>25 January (Saturday): 25 January revolution anniversary \/ Police Day, national holiday.<\/p>\n<p>25 January (Saturday): Midterm break for public schools and universities. Also known as: Two weeks of good commute.<\/p>\n<p>27 January (Monday): Cairo Economic Court will <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d8%aa%d8%a4%d8%ac%d9%84-%d9%86%d8%b8%d8%b1-%d9%82%d8%b6%d9%8a%d8%a9-%d8%a7%d9%84%d8%aa%d9%82%d9%8a%d9%8a%d9%85-%d8%a7%d9%84\/\">look into minority shareholder's lawsuit<\/a> against Fincorp Investment Holding as Adeptio AD Investments' financial advisor for its mandatory tender offer (MTO) for Americana Egypt.<\/p>\n<p>27-29 January (Monday-Wednesday): African Private Equity and Venture Capital Association\u2019s <a href=\"https:\/\/www.avca-africa.org\/events-training\/training-events\/avca-north-africa-fund-manager-masterclass\/?utm_source=mailchimp&utm_medium=email&utm_term=events&utm_content=banner&utm_campaign=avcamonthlyjan20&utm_source=AVCA+Mailing+List&utm_campaign=f67e9df1ca-CAIRO2020&utm_medium=email&utm_term=0_807f5f8d47-f67e9df1ca-65560985&ct=t(CAIRO2020)\">North African Fund Manager Masterclass<\/a>, Sheraton Cairo Hotel, Galaa Square, Cairo.<\/p>\n<p>28-29 January (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>February: An Italian business delegation <a href=\"https:\/\/almalnews.com\/%d9%88%d9%81%d8%af-%d8%a5%d9%8a%d8%b7%d8%a7%d9%84%d9%8a-%d9%8a%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%81%d8%a8%d8%b1%d8%a7%d9%8a%d8%b1-%d8%a7%d9%84%d9%85%d9%82%d8%a8%d9%84-%d9%84%d9%84%d8%aa%d8%b9\/\">will visit Egypt<\/a> to discuss investments in the Port Said industrial zone.<\/p>\n<p>February: A delegation of Swiss businesses <a href=\"http:\/\/www.miic.gov.eg\/Arabic\/MediaCenter\/News\/Pages\/%D9%85%D8%B5%D8%B1-%D9%88%D8%B3%D9%88%D9%8A%D8%B3%D8%B1%D8%A7-%D8%AA%D8%AA%D9%81%D9%82%D8%A7%D9%86-%D8%B9%D9%84%D9%89-%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%AD%D8%AA%D9%89-2024.aspx\">will visit Egypt<\/a> to discuss investment.<\/p>\n<p>February: Higher Education Minister Khaled Abdel-Ghaffar <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=19112019&id=2b9e9b1c-45ad-4af5-82a9-f8650319c562\">will visit<\/a> Minsk, Belarus.<\/p>\n<p>1 February (Saturday): The administrative court <a href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d9%82%d8%b6%d8%a7%d8%a1-%d8%a7%d9%84%d8%a5%d8%af%d8%a7%d8%b1%d9%89-%d9%8a%d8%a4%d8%ac%d9%84-%d9%82%d8%b6%d9%8a%d8%a9-%d8%a3%d8%af%d9%8a%d8%a8%d9%8a%d8%aa%d9%88-%d8%a3%d9%85%d8%b1\/\">will look into<\/a> an appeal by Adeptio AD Investments against a Financial Regulatory Authority to submit a mandatory tender offer (MTO) for Americana Egypt.<\/p>\n<p>3-5 February: <a href=\"https:\/\/www.facebook.com\/aaif2020\">The Arab-African International Forum<\/a>, Jeddah, Saudi Arabia.<\/p>\n<p>4 February (Tuesday): Court hearing for PTT Energy Resources\u2019 <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/06\/thailands-ptt-energy-resources-files-usd-1-bn-lawsuit-against-govt-over-emg\/\">USD 1 bn lawsuit against Egyptian government<\/a>.<\/p>\n<p>8 February (Saturday): Midterm break ends. Traffic in Cairo stinks once more.<\/p>\n<p>9-10 February (Sunday-Monday): The the 33rd ordinary African Union (AU) Summit where Egypt will <a href=\"https:\/\/aawsat.com\/english\/home\/article\/2058256\/egypt-hand-african-union-presidency-south-africa-february\">hand over<\/a> the African Union presidency to South Africa<\/p>\n<p>11-13 February (Tuesday-Thursday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>23 February (Sunday): Court session for Arabia Investments Holdings\u2019 <a href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d8%ac%d9%8a%d9%84-%d8%af%d8%b9%d9%88%d9%89-%d8%a7%d9%84%d8%b9%d8%b1%d8%a8%d9%8a%d8%a9-%d9%84%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1%d8%a7%d8%aa-%d8%b6%d8%af-%d8%a8%d9%8a%d8%ac-6\/\">lawsuit against Peugeot<\/a>. It was previously postponed to 24 November 2019 and then to 5 January 2020, and now 23 February.<\/p>\n<p>27 February (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>March: <a href=\"http:\/\/www.menafatf.org\/about\">The Middle East and North Africa Financial Action Task Force<\/a> (MENAFATF) <a href=\"https:\/\/almalnews.com\/%d9%85%d8%ac%d9%85%d9%88%d8%b9%d8%a9-%d8%a7%d9%84%d8%b9%d9%85%d9%84-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a-%d8%aa%d8%b2%d9%88%d8%b1-%d9%85%d8%b5%d8%b1-%d9%85%d8%a7%d8%b1%d8%b3-%d8%a7%d9%84%d9%85%d9%82\/\">will visit<\/a> Egypt to assess the progress of actions taken to combat money laundering and terrorist sponsoring activities.<\/p>\n<p>1 March: <a href=\"https:\/\/www.youm7.com\/story\/2019\/11\/28\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%BA%D8%B1%D9%81%D8%A9-%D8%A7%D9%84%D8%A5%D8%B3%D9%83%D9%86%D8%AF%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A%D8%A9-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D9%85%D8%A4%D8%AA%D9%85%D8%B1%D8%A7-%D8%AF%D9%88%D9%84%D9%8A%D8%A7-%D8%B9%D9%86-%D8%A7%D9%84%D9%84%D9%88%D8%AC%D8%B3%D8%AA%D9%8A%D8%A7%D8%AA\/4516709\">A conference<\/a> on \u201clogistics and its impact on the movement of goods and industry,\u201d venue TBD, Alexandria.<\/p>\n<p>4-5 March (Wednesday-Thursday): <a href=\"https:\/\/ent.news\/2019\/10\/Press-Release-26th-Annual-Women-Economic-Forum-March-2020-Cairo-Egypt.pdf\">Women Economic Forum<\/a>, Cairo.<\/p>\n<p>7 March (Saturday): International Conference for Investment organized by Suez Canal Economic Authority, Al Galala City, Egypt<\/p>\n<p>17-18 March (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>25-26 March (Wednesday-Thursday): <a href=\"http:\/\/www.megaprojectsconf.com\/\">Mega Projects Conference<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>9 April (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>12 April (Sunday): Easter Sunday.<\/p>\n<p>20 April (Monday): Sham El Nessim, national holiday.<\/p>\n<p>23 April (Thursday): First day of Ramadan (TBC).<\/p>\n<p>23-26 May (Saturday-Tuesday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Saturday): Sinai Liberation Day, national holiday.<\/p>\n<p>28-29 April (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>5-7 May (Tuesday-Thursday): <a href=\"https:\/\/www.afsic.net\/\">AFSIC - Investing in Africa<\/a>, London, United Kingdom.<\/p>\n<p>21 May (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>9-10 June (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>17-20 June (Wednesday-Saturday): <a href=\"https:\/\/www.automech-formula.com\/en\/home.html\">2019 Automech Formula car expo<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>30 June (Sunday): June 2013 protests anniversary, national holiday.<\/p>\n<p>2 July (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>28-29 July (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>30 July-3 August (Thursday-Monday): Eid El Adha (TBC), national holiday.<\/p>\n<p>13 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>20 August (Wednesday-Thursday): Islamic New Year (TBC), national holiday.<\/p>\n<p>15-16 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>6 October (Tuesday): Armed Forces Day, national holiday.<\/p>\n<p>29 October (Thursday): Prophet Mohamed\u2019s birthday (TBC), national holiday.<\/p>\n<p>November: Egypt <a href=\"http:\/\/gate.ahram.org.eg\/News\/2284801.aspx\">will host simultaneously<\/a> the International Capital Market Association\u2019s emerging market, and Africa and Middle East meetings.<\/p>\n<p>4-5 November (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>5 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>17 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>25 December (Friday): Western Christmas.<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":567091,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-567090","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"97a29077-1df7-41e4-974c-8f6c9e36a16f","teaser":"","photo_url":"https:\/\/ent.news\/2020\/1\/75.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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