{"id":570198,"date":"2020-03-23T04:14:15","date_gmt":"2020-03-23T04:14:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=570198"},"modified":"2025-12-16T07:20:11","modified_gmt":"2025-12-16T07:20:11","slug":"cbe-to-launch-egp-20-bn-share-purchase-program-to-halt-egx-sell-off","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-to-launch-egp-20-bn-share-purchase-program-to-halt-egx-sell-off\/","title":{"rendered":"CBE to launch EGP 20 bn share-purchase program to halt EGX sell-off"},"content":{"rendered":"<section id=\"570200\" 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=\"570200\">\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\/03\/23\/what-were-tracking-on-23-march-2020\/\">\r\n                            What we\u2019re tracking on 23 March 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\/03\/23\/what-were-tracking-on-23-march-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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width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><strong>Egypt now has 327 confirmed cases of covid-19 <\/strong>after 33 new cases, all Egyptians, were reported yesterday <a href=\"https:\/\/bit.ly\/2wiLMoh\">by the Health Ministry<\/a>. Four more people are confirmed to have died of the disease \u2014 all aged between 51 and 80 years old \u2014 bringing the death toll to 14. A total of 56 patients are now reported to have fully recovered, while others seventy-four now appear to be on the path to recovery after having tested negative for the virus that causes covid-19.<\/p><p><strong>Nearly every governorate now has covid-19 cases: <\/strong>Cases have been reported in 24 of the nation\u2019s 27 governorates, Health Ministry spokesman Khaled Megahed told <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22032020&amp;id=d2838793-9616-4d1b-9c7f-ed6b42461b62\">El Shorouk<\/a> yesterday.<\/p><p><strong>Egypt sees first high-profile casualty of covid-19:<\/strong> Maj. Gen. Khaled Shaltout has died after contracting the virus while helping with sterilization efforts in Minya Governorate, the Armed Forces said in a statement, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1629243\">Al Masry Al Youm<\/a>reports. <a href=\"https:\/\/www.voanews.com\/science-health\/coronavirus-outbreak\/egypt-senior-military-officer-dies-covid-19\">The Associated Press<\/a> also picked up the news, which led the news last night (<a href=\"https:\/\/www.youtube.com\/watch?v=8ed029Y2_G4\">watch, runtime: 1:03<\/a>).<\/p><p><strong>The president speaks on covid-19:<\/strong> President Abdel Fattah El Sisi gave his first televised address on the state\u2019s efforts to combat the virus during a meeting with cabinet members yesterday (<a href=\"http:\/\/youtube.com\/watch?v=RnkrzipXIQg&amp;feature=youtu.be\">watch, runtime: 48:06<\/a>).<\/p><p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>El Sisi announced a stimulus and bailout package worth nearly EGP 100 bn <\/strong>as Egypt manages fallout from the global and domestic spread of the covid-19 virus:<\/p><ul>\n<li>The Central Bank of Egypt will allocate an <strong>unprecedented EGP 20 bn to support the stock exchange<\/strong> (See detailed coverage in Speed Round below);<\/li>\n<li><strong>EGP 27.6 bn will be disbursed to 2.4 mn families, totaling some 10 mn citizens.<\/strong> The funds could be disbursed \u201cpossibly within weeks,\u201d <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1629277\">Al Masry Al Youm reports<\/a> Social Solidarity Minister Neveen Qabbaj as having later said. The funds will be funnelled through an amendment to the recently ratified <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/25\/el-sisi-ratifies-egypts-new-social-security-and-pensions-act\/\">Social Security and Pensions Act<\/a> that will allow pensioners to add the previous five raises to their pensionable pay under the new law (<a href=\"https:\/\/alborsaanews.com\/2020\/02\/09\/1294129\">approved in principle<\/a>) at 80% of their basic wages.<\/li>\n<li>The CBE\u2019s <strong>EGP 50 bn tourism bailout<\/strong> fund earmarks for impacted hotels;<\/li>\n<li>Implementation of the <strong>tax on agricultural land will be suspended<\/strong> for two years. Policymakers had been on track to bring it into effect in July of this year after imposing a three-year suspension back in 2017.<\/li>\n<li>Annual raises for <strong>pensioners<\/strong> will be 14% starting next fiscal year.<\/li>\n<\/ul><p><strong>El Sisi stressed that Egypt is not past the worst of the crisis<\/strong> and <a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2020\/3\/22\/1748134\/%D8%A7%D9%84%D8%A3%D9%85%D8%B1-%D9%84%D8%B3%D9%87-%D9%85%D9%86%D8%AA%D9%87%D8%A7%D8%B4-%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A-%D9%8A%D9%88%D8%AC%D9%87-%D8%B1%D8%B3%D8%A7%D9%84%D8%A9-%D9%84%D9%84%D9%85%D9%88%D8%A7%D8%B7%D9%86%D9%8A%D9%86-%D8%A8%D8%B4%D8%A7%D9%86-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7#sectionListing\">vowed<\/a> that the Health Ministry and the Armed Forces\u2019 chemical warfare and sanitation crews will be doing more in the coming days. He thanked citizens for their steadfastness in enduring hardships from the country\u2019s economic reform plan, saying the country would not be in a position to cope with covid-19 had the reform package not been enacted..<\/p><p><strong>Social media sites are humming with commentary on the virus and Egyptians are <\/strong><strong>maintaining a good sense of humor,<\/strong> El Sisi said. He <a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2020\/3\/22\/1748141\/-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D9%8A%D9%86-%D8%AF%D9%85%D9%87%D9%85-%D8%AE%D9%81%D9%8A%D9%81-%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A-%D9%85%D9%88%D8%A7%D9%82%D8%B9-%D8%A7%D9%84%D8%AA%D9%88%D8%A7%D8%B5%D9%84-%D8%A8%D8%AA%D8%B4%D8%BA%D9%8A-%D8%AA%D8%B9%D9%84%D9%8A%D9%82%D8%A7%D8%AA-%D8%B9%D9%86-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-#sectionListing\">called<\/a> on citizens, however, to maintain discipline and abide by the state\u2019s precautionary measures, sta: <strong>home where they can and work hand-in-hand to <\/strong><strong><a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2020\/3\/22\/1748102\/%D9%86%D8%AC%D9%87%D8%B2-%D8%A3%D9%86%D9%81%D8%B3%D9%86%D8%A7-%D9%84%D8%AE%D8%B7%D8%B1-%D8%AC%D8%B3%D9%8A%D9%85-%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A-%D8%B9%D9%86-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-%D9%84%D9%88-%D9%85%D8%AD%D8%B7%D9%86%D8%A7%D8%B4-%D8%A5%D9%8A%D8%AF%D9%8A%D9%86%D8%A7-%D9%85%D8%B9-%D8%A8%D8%B9%D8%B6#sectionListing\">prevent \u201cgreat losses<\/a><\/strong><strong>.\u201d<\/strong> He said that the state was dealing with the contagion <a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2020\/3\/22\/1748101\/%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A-%D9%86%D8%AA%D8%B9%D8%A7%D9%85%D9%84-%D9%85%D8%B9-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-%D9%88%D9%81%D9%82-%D8%A7%D9%84%D9%85%D8%B9%D8%A7%D9%8A%D9%8A%D8%B1-%D8%A7%D9%84%D8%B9%D9%84%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-#sectionListing\">according to World Health Organization\u2019s guidelines<\/a> and thanked Egypt\u2019s <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22032020&amp;id=89e07079-d3c9-4cc1-9cab-5c9049812e8c\">heroic medical doctors<\/a>. He added that closing down houses of worship was \u201c<a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2020\/3\/22\/1748122\/%D8%A7%D9%84%D8%A3%D8%AE%D8%B0-%D8%A8%D8%A7%D9%84%D8%A3%D8%B3%D8%A8%D8%A7%D8%A8-%D9%85%D8%A7%D8%B0%D8%A7-%D9%82%D8%A7%D9%84-%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A-%D8%B9%D9%86-%D9%82%D8%B1%D8%A7%D8%B1-%D8%AA%D8%B9%D9%84%D9%8A%D9%82-%D8%A7%D9%84%D8%B5%D9%84%D9%88%D8%A7%D8%AA-%D8%A8%D8%A7%D9%84%D9%85%D8%B3%D8%A7%D8%AC%D8%AF-%D9%88%D8%A7%D9%84%D9%83%D9%86%D8%A7%D8%A6%D8%B3-#sectionListing\">a given<\/a>\u201d under the circumstances and added that his administration was committed to being <a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2020\/3\/22\/1748106\/%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A-%D8%B9%D9%86-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D9%85%D9%88%D8%A7%D8%AC%D9%87%D8%A9-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-%D9%85%D8%B4-%D8%A8%D9%86%D8%AE%D9%88%D9%81%D9%83%D9%88%D8%A7-%D9%88%D9%85%D8%A7-%D8%AE%D8%A8%D9%8A%D9%86%D8%A7%D8%B4-%D8%B9%D9%84%D9%8A%D9%83%D9%88%D8%A7-%D8%AD%D8%A7%D8%AC%D8%A9-#sectionListing\">transparent<\/a> with the public about the crisis.<\/p><hr class=\"grey-line\"><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Will the suspension of international flights to and from Egypt be extended?<\/strong> An extension to the two-week flight ban has been floated for the first time after tourism chamber head Hossam El Shaer told El Kahera Alaan\u2019s Lamees El Hadidi last night that the Civil Aviation Ministry could move to delay the resumption of flights (<a href=\"https:\/\/www.youtube.com\/watch?v=98UnY8OIE_8\">watch, runtime: 04:51<\/a>). The government halted all inbound and outbound passenger flights last Thursday in a bid to contain the spread of covid-19. Flights are due to resume on 31 March. We have more on El Shaer\u2019s interview in Last Night\u2019s Talk Shows, below.<\/p><p><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">Lower energy costs<\/a><\/strong><strong> for industry will go into effect in bills for March 2020<\/strong>, <a href=\"https:\/\/bit.ly\/2J35wit\">Al Mal reports<\/a>, citing unnamed sources.<\/p><p><strong>Folks feeling the pinch of credit card debt can reach out to their bankers for help: <\/strong>The Central Bank of Egypt\u2019s (CBE) decision to postpone interest payments on bank loans also applies to payments on credit cards as well as personal car and home loans, the CBE said in <a href=\"https:\/\/www.cbe.org.eg\/ar\/Pages\/HighlightsPages\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-22-%D9%85%D8%A7%D8%B1%D8%B3-2020-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%A5%D9%8A%D8%B6%D8%A7%D8%AD%D8%A7%D8%AA-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5%D8%A9-%D8%A8%D8%AA%D8%A3%D8%AC%D9%8A%D9%84-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AD%D9%82%D8%A7%D9%82%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86%D9%8A%D8%A9-%D9%84%D9%84%D8%B9%D9%85%D9%84%D8%A7%D8%A1-%D9%84%D9%85%D8%AF%D8%A9-6-%D8%A3%D8%B4%D9%87%D8%B1.aspx\">a circular to banks (pdf)<\/a>. CBE Governor Tarek Amer said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">last week<\/a> the central bank is extending the tenor of all bank loans for a period of six months, after it enacted an emergency 300 bps rate cut to shield the economy from the covid-19 outbreak.<\/p><p><strong>No commission on local transfers: <\/strong>In another bid to support customers, the CBE ordered banks to charge no fees or commissions on transfers between local banks for three months, <a href=\"https:\/\/bit.ly\/2vKw0lM\">according to another circular carried by Al Mal<\/a>.<\/p><p><strong>The Labour Ministry may set up a fund for day laborers who fail to find work in the period <\/strong><strong>to come <\/strong>as a result of the economic fallout from the covid-19 outbreak, according to a cabinet <a href=\"https:\/\/bit.ly\/2UbPvwN\">statement<\/a>.<\/p><p>In other Egypt covid-19 news:<\/p><ul>\n<li><strong>An exceptional flight repatriated 150 Egyptians in the UK<\/strong> on Sunday, a Foreign Ministry <a href=\"https:\/\/bit.ly\/3bcCZCW\">statement<\/a> said.<\/li>\n<li><strong>It is haram (impermissible, wrong) to pray in mosques<\/strong> after the state-mandated closure of mosques to hedge against covid-19 spread<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb0756a2-3d15-44ad-a45c-2a229ab2d6b8\">earlier this week<\/a>, Egypt's top<a href=\"https:\/\/twitter.com\/EgyptDarAlIfta\/status\/1241667435088039936\">Fatwa authority tweeted<\/a> yesterday. <\/li>\n<li><strong>Egypt\u2019s production of masks will increase to 80-120 mn masks annually from 60 <\/strong><strong>mn<\/strong>, <a href=\"https:\/\/bit.ly\/39cxB1o\">Youm7<\/a> reports, quoting an industry official.<\/li>\n<li><strong>Egypt has sent Italy medical aid that includes over a mn surgical masks<\/strong>, <a href=\"https:\/\/www.egypttoday.com\/Article\/1\/82856\/Egypt-sends-Italy-medical-aid-to-fight-Covid-19-outbreak\">the local<\/a><a href=\"https:\/\/www.egypttoday.com\/Article\/1\/82856\/Egypt-sends-Italy-medical-aid-to-fight-Covid-19-outbreak\">press reports<\/a>. The aid arrived in Milan on Sunday for distribution in the Lombardy region. Italy is the country hardest-hit by the covid-19 outbreak in Europe.<\/li>\n<\/ul><p><strong>A sign of things to come?<\/strong> The Suez Canal started feeling the effects of the pandemic in February as the number of container ships passing through fell by 7.3%, <a href=\"https:\/\/bit.ly\/2UrIwPd\">according to Al Mal<\/a>. The number of passenger ships using the canal fell by 22.2% and the number of cargo ships dropped by 1.3%.<\/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\/3\/Jetty-Web-1.png?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Talks on nearly USD 2 tn stimulus program fail in Washington, DC, setting <\/strong><strong>up another [redacted] date in markets. <\/strong>Democratic senators yesterday blocked emergency stimulus legislation worth USD 1.8 tn as partisan arguments threatened to derail efforts to prevent the economy from suffering an unprecedented shock, <a href=\"https:\/\/www.washingtonpost.com\/us-policy\/2020\/03\/22\/vast-coronavirus-stimulus-bill-limbo-crunch-times-arrives-capitol-hill\/?hpid=hp_hp-top-table-high-8-12_virus-live-banner-new%3Ahomepage%2Fstory-ans&amp;itid=hp_hp-top-table-high-8-12_virus-live-banner-new%3Ahomepage%2Fstory-ans\">the Washington Post reports<\/a>. Democrats are opposing the Republican-led bill on the grounds that it does too much for big business and not enough for workers and the healthcare sector. <strong>The story is front-page news in the global business press: <\/strong><a href=\"https:\/\/www.ft.com\/content\/c3e05cea-6c4d-11ea-89df-41bea055720b\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/administration-congress-work-to-finalize-coronavirus-rescue-package-11584889949?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-usa-congress\/coronavirus-relief-bill-hits-snag-in-u-s-senate-talks-continue-idUSKBN2190NO\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-22\/mcconnell-s-rescue-package-expands-but-democrats-not-on-board\">Bloomberg<\/a>.<\/p><p><strong>Markets are not impressed: <\/strong>Stocks are being pummelled in New Zealand and Australia and merely battered in China, Hong Kong, Japan and South Korea. Among the major global markets open as we head to dispatch this morning, only Indian equities are in the green. Futures suggest London will open in the red, and it looks even worse in America, where Dow futures hit limit-down overnight and both Nasdaq and the S&amp;P are set to open in red.<\/p><p><strong>The UK\u2019s market regulator wants LSE-listed companies to \u2026 <\/strong><strong><a href=\"https:\/\/www.fca.org.uk\/news\/statements\/fca-requests-delay-forthcoming-announcement-preliminary-financial-accounts\">not release their financials<\/a><\/strong><strong><a href=\"https:\/\/www.fca.org.uk\/news\/statements\/fca-requests-delay-forthcoming-announcement-preliminary-financial-accounts\">for at least two weeks<\/a><\/strong><strong>.<\/strong> The Financial Conduct Authority writes in very polite language that effectively suggests auditors need the time to reconsider their opinions whether they need to raise going concern flags at companies worst-hit by covid-19.<\/p><p><strong>All the latest on lockdowns, shutdowns, travel bans and everything else that is bringing life <\/strong><strong>around the world to a standstill:<\/strong><\/p><ul>\n<li><strong>India:<\/strong> More than 1 bn Indians were subject to a 14-hour curfew yesterday. (<a href=\"https:\/\/www.bbc.co.uk\/news\/world-asia-india-51992364\">BBC<\/a>)<\/li>\n<li><strong>Turkey <\/strong>has imposed a curfew on people over the age of 65 and those with underlying health conditions. (<a href=\"https:\/\/www.dailysabah.com\/turkey\/turkey-introduces-drastic-measures-as-coronavirus-death-toll-increases\/news\">Daily Sabah<\/a>)<\/li>\n<li><strong>Germany:<\/strong> Germany has banned all public gatherings of more than two people. (<a href=\"https:\/\/www.nytimes.com\/2020\/03\/22\/world\/europe\/germany-coronavirus-budget.html\">NYT<\/a>)<\/li>\n<li><strong>Italy:<\/strong> Italy has banned all movement within the country after 1.4k people died over the weekend. (<a href=\"https:\/\/www.theguardian.com\/world\/2020\/mar\/22\/italian-pm-warns-of-worst-crisis-since-ww2-as-coronavirus-deaths-leap-by-almost-800\">The Guardian<\/a>)<\/li>\n<li><strong>US:<\/strong> Almost a third of Americans are now under orders to stay at home. (<a href=\"https:\/\/uk.reuters.com\/article\/uk-health-coronavirus-usa\/u-s-coronavirus-lockdown-to-last-10-12-weeks-top-trump-official-says-idUKKBN2190NQ\">Reuters<\/a>)<\/li>\n<li><strong>UK:<\/strong> The British government could move to impose a Italy-style lockdown on the country, PM Boris Johnson suggested yesterday. (<a href=\"https:\/\/www.bbc.co.uk\/news\/uk-51998559\">BBC<\/a>)<\/li>\n<li><strong>Singapore:<\/strong> Singapore has indefinitely banned all short-term travellers to the country starting today at midnight. (<a href=\"https:\/\/www.washingtonpost.com\/world\/2020\/03\/22\/coronavirus-latest-news\/#link-VZ7T26WSC5HEJJZQO3VAIUNFSY\">Washington Post<\/a>)<\/li>\n<li><strong>Australia:<\/strong> Australia has ordered public venues including bars, gyms and cinemas to close after the number of confirmed covid-19 cases rose to 1,098 and the death toll hit 7 on Sunday. (<a href=\"https:\/\/www.reuters.com\/article\/health-coronavirus-australia\/australia-orders-widespread-business-closures-to-combat-coronavirus-idUSM0N2BD003\">Reuters<\/a>)<\/li>\n<\/ul><p><strong>Lockdowns not enough to stop the spread -WHO expert:<\/strong> Governments cannot rely on lockdowns to half the spread of the virus and must focus also on \u201cstrong public health measures,\u201d Mike Ryan, one of the World Health Organization\u2019s top emergency experts, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-who-ryan\/lockdowns-not-enough-to-defeat-coronavirus-whos-ryan-idUSKBN2190FM\">said yesterday<\/a>. \u201cWhat we really need to focus on is finding those who are sick, those who have the virus, and isolate them, find their contacts and isolate them,\u201d he said. \u201cif we don\u2019t put in place the strong public health measures now, when those movement restrictions and lockdowns are lifted, the danger is the disease will jump back up.\u201d<\/p><p><strong>Merkel goes into quarantine:<\/strong> German Chancellor Angela Merkel <a href=\"https:\/\/www.cnbc.com\/2020\/03\/22\/chancellor-angela-merkel-in-quarantine-after-contact-with-doctor-who-tested-positive-for-coronavirus.html\">has quarantined herself<\/a> after coming into contact with a doctor who tested positive for covid-19.<\/p><p><strong>Is Japan backtracking on its plans to hold the Olympics this summer? <\/strong>In spite of loud and public assertions that the games will go forward even amid covid-19 disruption, contingency plans for potential delays are now being drawn up behind the scenes, <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-olympics-exclusive\/exclusive-tokyo-organizers-quietly-plan-for-potential-olympic-delay-sources-say-idUSKBN219083\">Reuters reports<\/a>. At risk is over USD 3 bn in domestic sponsorship, an Olympic record, and USD 12 bn spent on preparations.<\/p><p class=\"web-image\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-22\/top-economists-see-some-echoes-of-depression-in-u-s-sudden-stop?srnd=premium&amp;sref=mmeFTDW1\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/US-GDPforecast-Q22020-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Anyone in the US may want to look away: The latest GDP forecasts are not looking good.<\/strong> <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-jpmorgan-usa\/jp-morgan-slashes-forecast-for-u-s-gdp-sees-14-second-quarter-drop-idUSKBN2153HU\">Last week a JPMorgan economist predicted<\/a> that US economic growth could fall by as much as 14% in the second quarter, handsomely beating the worst period of the Great Recession which saw output fall 8.4% in 4Q2008.<\/p><p><strong>But Morgan Stanley\u2019s new projection makes this look reassuring by comparison: <\/strong>The US investment bank <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-22\/morgan-stanley-sees-u-s-economy-plunging-30-in-second-quarter?sref=mmeFTDW1\">is projecting economic growth<\/a> to fall <strong>by more than 30%<\/strong> in the second quarter as efforts to contain the outbreak grind the economy to a halt. \u201cWe now see 1Q GDP dropping by 2.4% as economic activity has come to a near standstill in March, followed by a record-breaking drop of 30.1% in 2Q. We estimate that March will also mark the first drop in nonfarm payrolls, down 700k. <strong>We expect a record-high unemployment rate, averaging 12.8% in 2Q,<\/strong>\u201d <a href=\"https:\/\/www.zerohedge.com\/markets\/morgan-stanley-joins-goldman-jpm-predicting-depressionary-crash-expects-q2-gdp-plunge-30\">analysts wrote in a report<\/a>.<\/p><p><strong>What will this mean for the global economy?<\/strong> \u201cIncorporating revised forecasts for the US economy, we see an even deeper recession in 1H20, taking full-year global growth to 0.3%. If the COVID-19-related economic disruption continues into 3Q20, in the bear case scenario we see global growth contracting by 2.1%Y in 2020, which will bring the global economy well below what we saw during the global financial crisis, when global real GDP contracted by 0.5%Y in 2009,\u201d the report says.<\/p><p><strong>China, on the other hand, is talking big about its economic prospects:<\/strong> Beijing has claimed that economic data will show \u201csignificant improvement\u201d in the coming quarter as the country shows signs of success at stemming the virus and restarting economic activity, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-22\/china-talks-up-post-virus-rebound-as-world-economy-shuts-down?sref=mmeFTDW1\">Bloomberg reports<\/a>. <strong>Will it all be based on domestic consumption? <\/strong>Because it doesn\u2019t look to us like global demand is all that strong at the moment\u2026<\/p><p><strong>The shuttering of industry around the world is exacting a heavy toll on global supply <\/strong><strong>chains, <\/strong>further fueling a conviction that the world is sliding into a recession for the first time in over a decade, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-03-20\/a-covid-19-supply-chain-shock-born-in-china-is-going-global?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg reports.<\/a> \u201cThis is kind of a rolling natural disaster,\u201d said Ethan Harris, head of global economic research at Bank of America. \u201cIn terms of the impact on global production, <strong>the shutdown outside of China will likely become bigger than the impact from China<\/strong>.\u201d Major companies like Apple were able to withstand the February slowdown in China but will now have to cope with the shutdown of hundreds of component manufacturers in Italy, Germany, Malaysia and South Korea. The auto industry is particularly vulnerable, given its complex supply chains reliant on lithium and cobalt and its logistics that are designed to have storage times of only 1-2 months.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/fight-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>WORK-FROM-HOME TIP OF THE DAY- As the entire house fights over bandwidth, the <\/strong><strong>Wall Street Journal provides tips on how <\/strong><strong>to speed up your wifi:<\/strong> If you\u2019re anything like us and your house has turned into world war wifi, Wall Street Journal\u2019s Joanna Stern recommends a few ways to make sure the work-from-homers can speed up the wifi and send in that email (<a href=\"https:\/\/www.wsj.com\/video\/series\/joanna-stern-personal-technology\/speed-up-your-home-wi-fi\/9B472EB7-BC07-4C90-AC57-4C4AF0F53C7F\">watch, runtime: 02:15<\/a>). Some tips include buying a new modem, making sure you\u2019re connecting to the 5GHz network, plugging into the modem, and surprise surprise, unplugging everything and plugging it back in.<\/p><hr class=\"grey-line\"><p><strong>A DISTRACTION FROM ALL THINGS COVID: Go watch a documentary about <\/strong><strong>\u2026 typography. <\/strong>\u201cHelvetica is a feature-length documentary about typography, graphic design and global visual culture. It looks at the proliferation of one typeface as part of a larger conversation about the way type affects our lives.\u201d Filmmaker Gary Hustwit is streaming (without charge and with no geographic restrictions) his catalogue of documentaries for the duration of the covid-19 outbreak. <strong>Helvetica <\/strong><strong>(<\/strong><strong><a href=\"https:\/\/www.ohyouprettythings.com\">watch, runtime: 1:21<\/a><\/strong><strong>)<\/strong><strong> is available today and tomorrow. <\/strong>(Look for the link at the very top of the page.)<\/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 business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue: <\/strong>We look at how covid-19 has impacted the exam schedule for schools and universities in the 2019-20 academic year. It\u2019s extensive, but it has also forced us to think creatively on how we assess and test students.<\/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\/apple\/\">Apple<\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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\r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF 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class=\"stk-block-content stk-inner-blocks stk-4db9ge1-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-nzb5j8a\" data-v=\"4\" 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Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/23\/economic-measures-to-combat-covid-19-top-story-on-talk-shows\/\">\r\n                            Economic measures to combat covid-19 top story on talk shows                        <\/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\/03\/23\/economic-measures-to-combat-covid-19-top-story-on-talk-shows\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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        <a href=\"https:\/\/api.whatsapp.com\/send?text=Economic+measures+to+combat+covid-19+top+story+on+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F23%2Feconomic-measures-to-combat-covid-19-top-story-on-talk-shows%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\/03\/23\/economic-measures-to-combat-covid-19-top-story-on-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570202\" class=\"content-area-description single-story post-570202 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-banque-misr tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-hurghada tag-mohamed-farid tag-sharm-el-sheikh wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The government\u2019s spending package to tackle covid-19 took center stage on the <\/strong><strong>airwaves last night:<\/strong> Al Kahera Alaan\u2019s Lamees El Hadidi covered yesterday\u2019s cabinet meeting during which President Abdel Fattah El Sisi announced that the central bank would allocate EGP 20 bn to support share prices on the EGX alongside other economic measures. He stressed that this package would not have been possible without the country going through three years of economic reform <a href=\"https:\/\/www.youtube.com\/watch?v=VP1sws3sJ1U\">(watch, runtime: 0:57)<\/a>, <a href=\"https:\/\/www.youtube.com\/watch?v=zYU7N3zSBKQ\">(watch, runtime: 2:51)<\/a>. Al Hayah Al Youm\u2019s Lobna Assal <a href=\"https:\/\/www.youtube.com\/watch?v=_846qJfz5V0\">(watch, runtime: 5:32)<\/a> and Masaa DMC\u2019s Eman El Hosary <a href=\"https:\/\/www.youtube.com\/watch?v=oByGRVfF3ZA\">( watch, runtime: 11:20)<\/a> also covered the president\u2019s statement.<\/p>\n<p><strong>El Hekaya's Amr Adib spoke by phone with Mohamed Farid<\/strong>, the head of stock exchange, to discuss the news <a href=\"https:\/\/www.youtube.com\/watch?v=6AblWwXjA9U\">(watch, runtime: 5:36)<\/a>. We have more on the CBE support for the EGX in this morning\u2019s Speed Round below, and more on El Sisi\u2019s speech in What We\u2019re Tracking Today.<\/p>\n<p><strong>Lamees talks economic policy with Hala El Said: <\/strong>El Hadidi spoke via phone with Planning Minister Hala El Said to review the economic measures taken by the government in response to covid-19. El Said said the Sisi administration is focused on supporting local production and exporters and cushioning citizens from the blow of the novel coronavirus. <strong>The measures have been devised with a timeframe that sees the worst of the crisis over by the end of June<\/strong>, she said <a href=\"https:\/\/www.youtube.com\/watch?v=ik4Y39tSiYE\">(watch, runtime: 16:21)<\/a>. Min Masr\u2019s Amr Khalil <a href=\"https:\/\/www.youtube.com\/watch?v=4NLcDaoH15o\">(watch, runtime: 8:39)<\/a> had the same report.<\/p>\n<p>(Have we mentioned, lately, how good it is to have Lamees back on air?)<\/p>\n<p><strong>What the bankers are saying: <\/strong>El Hadidi also spoke with Akef El Maghraby, deputy head of Banque Misr, who said that the bank would postpone collecting loan installments, and waive credit card and ATM withdrawal fees for the next six months in line with a recent central bank directive. He also noted that the bank has seen a healthy demand for its new 15% certificates <a href=\"https:\/\/www.youtube.com\/watch?v=h0oIkmNfnvk\">(watch, runtime: 14:46)<\/a>.<\/p>\n<p><strong>It could take a while for the tourism sector to regroup:<\/strong> El Hadidi spoke with Hossam El Shaer, the head of the Federation of Tourism Chambers, who said that the countries which most of Egypt\u2019s tourists come from \u2014 Italy, Germany, and Russia \u2014 are still struggling to contain the virus, meaning the Tourism Ministry is not expecting a revival of the sector any time soon. He said the downtime will be used to deep clean Hurghada and Sharm El Sheikh\u2019s hotels, such that they will be entirely \u201ccovid-19 free\u201d by the first week of April <a href=\"https:\/\/www.youtube.com\/watch?v=98UnY8OIE_8\">(watch, runtime: 4:51)<\/a>.<\/p>\n<p><strong>The daily covid-19 update:<\/strong> El Hadidi covered the Health Ministry\u2019s report of 33 new cases of covid-19, bringing the total to 327. She noted that there were four new deaths and that a total of 74 patients have recovered since the outbreak <a href=\"https:\/\/www.youtube.com\/watch?v=130Qr-7ZpgY\">(watch, runtime: 3:03)<\/a>. Adib <a href=\"https:\/\/www.youtube.com\/watch?v=PEkWcKUvVuQ\">(watch, runtime: 2:51)<\/a> and El Hosary <a href=\"https:\/\/www.youtube.com\/watch?v=nIw5usVE6To\">(watch, runtime: 1:13)<\/a> had the same report.<\/p>\n<p><strong>Medical supplies ample: <\/strong>Adib also spoke by phone with cabinet spokesman Hany Younis who discussed the Health Ministry\u2019s crisis team meeting which focused on how to handle potential shortages of medical supplies. The Finance Ministry would offer support to ensure adequate stocking in the event of supply shortages, he said <a href=\"https:\/\/www.youtube.com\/watch?v=VkjFSsvBRYw\">(watch, runtime: 9:11)<\/a>.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/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\/hurghada\/\">Hurghada<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-farid\/\">Mohamed Farid<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh\/\">Sharm El Sheikh<\/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=\"570203\" 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=\"570203\">\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\/03\/23\/egypt-goes-full-kuroda-cbe-to-directly-purchase-equities-in-a-bid-to-stem-egx-sell-off\/\">\r\n                            Egypt goes full Kuroda: CBE to directly purchase equities in a bid to stem EGX sell-off                        <\/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\/03\/23\/egypt-goes-full-kuroda-cbe-to-directly-purchase-equities-in-a-bid-to-stem-egx-sell-off\/\" 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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This amounts to more than 5% of the total EGX100 market cap, which currently stands at a little over EGP 380 bn. President Abdel Fattah El Sisi <a href=\"https:\/\/alborsaanews.com\/2020\/03\/22\/1310579\">announced earlier in the day<\/a> that the CBE would allocate EGP 20 bn to support the exchange but didn\u2019t elaborate on how the funds would be deployed.<\/p>\n<p><strong>The CBE isn\u2019t the only central bank to enter the equities market<\/strong>, but it is one of the few to do it on this scale. The Bank of Japan, which under its governor, Haruhiko Kuroda, launched in 2010 an <a href=\"https:\/\/asia.nikkei.com\/Business\/Markets\/Bank-of-Japan-to-be-top-shareholder-of-Japan-stocks\">unprecedented equity-purchase program<\/a> as part of a package of measures designed to drag the country out of deflation and support asset prices. That program now sees the BoJ on track to become the biggest holder of Japanese equities. <strong>Globally, central banks were thought last year to hold more than USD 1 tn in equities<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-06-11\/central-banks-boost-holdings-of-equities-beyond-1-trillion?sref=mmeFTDW1\">Bloomberg<\/a> reported at the time, \u201cas they sought to diversify their reserves away from low-yielding bonds.\u201d The Bank of Israel and the Swiss National Bank \u201care among those to have publicly disclosed investments in stocks in the past,\u201d the business information service adds.<\/p>\n<p><strong>There\u2019s no clarity this morning on how the CBE plans to move into the market <\/strong>or a timeframe for the program. <strong>But the Bank of Japan buys exchange-traded funds<\/strong>, which seems to us to be the least-disruptive way to enter the market. With a paucity of ETF options, it will be interesting to see how the CBE will move into (and later get out of) the market without causing disruption. As Nikkei Asian Review notes: \u201cAnd unlike bonds, ETFs lack maturities. The bank will have to sell them back to the market if it decides to decrease its holdings -- but slowly and carefully to keep from driving prices down.\u201d<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.cbe.org.eg\/_layouts\/download.aspx?SourceUrl=%2Fen%2FAboutCBE%2FBankingLawDL%2FCBEStatuteStatuteoftheCentralBankfirstdraft.pdf\">CBE\u2019s statute (pdf)<\/a><\/strong><strong> gives it wide leeway to intervene <\/strong>under articles 12 and 13, including authorizing it to \u201ctake whatever measures it deems relevant \u2026 in case of a financial disturbance\u201d to \u201cmeet the necessary needs in the financial markets.\u201d<\/p>\n<p><strong>Traders didn\u2019t get a chance to react to El Sisi\u2019s late-afternoon announcement, but the <\/strong><strong>exchange still closed in the green yesterday:<\/strong> The EGX30 gained another 5.92% in trading yesterday, reaching intraday highs of 6.48% on announcements that state-owned National Bank of Egypt (NBE) and Banque Misr were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3692bf0f-3aa2-4728-9b99-9faf272f4b27\">plowing a combined EGP 3 bn into the market<\/a>. This was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3692bf0f-3aa2-4728-9b99-9faf272f4b27\">the second consecutive day of gains<\/a> after the benchmark index shed nearly 18% last week on covid-19 fears; the EGX30 rose 5% on Thursday.<\/p>\n<p><strong>The EGX is no longer the worst performing index in the region <\/strong>after two days of gains and as the sell-off in Dubai resumed yesterday. It is now down a little over 30% YTD <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/344c4de7-c863-4d97-a27e-8b3fc9bc7e86\">compared to 37%<\/a> at the end of Wednesday\u2019s session.<\/p>\n<p><strong>Don\u2019t expect that two days of gains means the volatility is over<\/strong>, analysts warn. A record-breaking emergency <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2e78eb3-6978-4eb5-a04f-a3b7247293ed\">300 bps interest rate<\/a>, tax breaks for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">EGX investors and energy price cuts<\/a> together with the Banque Misr and NBE stimulus have sent the right signals. But you can expect the market to remain highly sensitive to how the covid-19 outbreak develops \u2014 and impacts the global economy \u2014 over the next three months, Pharos Holding head of research Radwa El Swaify tells Enterprise. Market movements \u201cwill also rely on how the government responds to the outbreak. If there is a complete shutdown, it\u2019s only natural stock prices will continue to fall,\u201d El Swaify says.<\/p>\n<p><strong>Listed companies are still supporting their stock prices through buybacks.<\/strong> Eastern Tobacco <a href=\"https:\/\/www.egx.com.eg\/downloads\/Bulletins\/242264_1.pdf\">(pdf)<\/a>, Madinet Nasr for Housing <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/22-03-2020%20%d9%85%d8%af%d9%8a%d9%86%d8%a9%20%d9%86%d8%b5%d8%b1%20%d8%ae%d8%b2%d9%8a%d9%86%d8%a9.pdf\">(pdf)<\/a>, Odin Investments <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%a7%d9%88%d8%af%d9%86%20%d8%a7%d8%b3%d9%87%d9%85%20%d8%ae%d8%b2%d9%8a%d9%86%d8%a9%2022-03-2020.pdf\">(pdf)<\/a>, Raya Contact center <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/22-03-2020%20%d8%b1%d8%a7%d9%8a%d8%a9%20%d9%84%d8%ae%d8%af%d9%85%d8%a7%d8%aa%20%d8%ae%d8%b2%d9%8a%d9%86%d8%a9.pdf\">(pdf)<\/a>, and Egypt Kuwait Holding <a href=\"https:\/\/www.egx.com.eg\/downloads\/Bulletins\/242164_1.pdf\">(pdf)<\/a> each said yesterday they are planning to or have already pulled the trigger on share buybacks. The companies are capitalizing on temporarily <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d1a2851-45f5-4e3c-8253-11648f702ff4\">relaxed rules<\/a> from the Financial Regulatory Authority on buybacks.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/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=\"570212\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"570213\" 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=\"570213\">\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\/03\/23\/egypt-in-the-news-on-23-march-2020\/\">\r\n                            Egypt in the News on 23 March 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\/03\/23\/egypt-in-the-news-on-23-march-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\/03\/23\/egypt-in-the-news-on-23-march-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\/03\/23\/egypt-in-the-news-on-23-march-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 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href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News+on+23+March+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F23%2Fegypt-in-the-news-on-23-march-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\/03\/23\/egypt-in-the-news-on-23-march-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570213\" class=\"content-area-description single-story post-570213 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-media wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It is a quiet morning for Egypt<\/strong> in the international press.<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/media\/\">media<\/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=\"570217\" 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=\"570217\">\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\/03\/23\/the-market-yesterday-56\/\">\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\/03\/23\/the-market-yesterday-56\/\" 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\/03\/23\/the-market-yesterday-56\/')\">\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\/03\/23\/the-market-yesterday-56\/\">\n                    Facebook                    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<\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+Market+Yesterday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F03%2F23%2Fthe-market-yesterday-56%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\/03\/23\/the-market-yesterday-56\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570217\" class=\"content-area-description single-story post-570217 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 15.68 | Sell 15.81<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.70 | Sell 15.80<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.68 | Sell 15.78<\/p>\n<p><strong>EGX30<\/strong> (Sunday): 9,751 (+5.9%)<br \/>\n <strong>Turnover:<\/strong> EGP 756 mn (26% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -30.2%<\/p>\n<p><strong>THE MARKET ON SUNDAY:<\/strong> The EGX30 ended Sunday\u2019s session up 5.9%. CIB, the index\u2019s heaviest constituent, ended up 6.1%. EGX30\u2019s top performing constituents were Orascom Construction up 10.0%, Eastern Company up 9.8%, and Telecom Egypt up 9.6%. Yesterday\u2019s worst performing stocks were Credit Agricole. The market turnover was EGP 756 mn, and local investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net short | EGP -175.9 mn<br \/>\n <strong>Regional<\/strong>: Net short | EGP -66.4 mn<br \/>\n <strong>Domestic<\/strong>: Net long | EGP +242.3 mn<\/p>\n<p><strong>Retail<\/strong>: 41.2% of total trades | 35.5% of buyers | 46.9% of sellers<br \/>\n <strong>Institutions<\/strong>: 58.8% of total trades | 64.5% of buyers | 53.1% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 22.63 (-12.66%)<\/p>\n<p><strong>Brent:<\/strong> USD 26.98 (-5.23%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 1.60 MMBtu, (-3.02%, April 2020 contract)<\/p>\n<p><strong>Gold:<\/strong> USD 1,488 \/ troy ounce (+0.39%)<\/p>\n<p><strong>TASI:<\/strong> 6,171 (-1.53%) (YTD: -26.43%)<br \/>\n <strong>ADX:<\/strong> 3,552 (-3.61%) (YTD: -30.01%)<br \/>\n <strong>DFM:<\/strong> 1,781 (-2.06%) (YTD: -35.55%)<br \/>\n <strong>KSE Premier Market:<\/strong> 4,902 (+5.1%)<br \/>\n <strong>QE:<\/strong> 8,589 (+0.15%) (YTD: -17.61%)<br \/>\n <strong>MSM:<\/strong> 3,567 (-1.10%) (YTD: -10.39%)<br \/>\n <strong>BB: <\/strong>1,394 (-0.97%) (YTD: -13.37%)<\/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=\"570218\" 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\/03\/23\/570218\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-570218\" class=\"content-area-description single-story post-570218 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>March: <a href=\"https:\/\/bit.ly\/2RMVwyZ\">South Korean business delegation to visit Egypt<\/a>.<\/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>March: The French Chamber of Commerce and Industry is sending <a href=\"https:\/\/alborsaanews.com\/2020\/02\/25\/1300124\">10 French companies<\/a> to Egypt to promote French tourists to visit.<\/p>\n<p>26 March (Thursday): <a href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d8%ac%d9%8a%d9%84-%d8%af%d8%b9%d9%88%d9%89-%d8%b4%d8%b1%d9%83%d8%a9-%d8%b3%d9%88%d8%b1%d9%8a%d8%a9-%d8%b6%d8%af-%d8%a8%d9%88%d8%b1%d8%aa%d9%88-%d8%ac%d8%b1%d9%88%d8%a8-%d8%a5%d9%84%d9%89\/\">Court session<\/a> for Amer Group, Porto Group lawsuit against Antaradous.<\/p>\n<p>2 April (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>2-4 April (Thursday- Saturday): Global Forum for Higher Education and Scientific Research (<a href=\"https:\/\/menafn.com\/1099821661\/Egypt-Higher-Education-Ministry-prepares-for-GFHS2020-for-scientific-research\">GFHS2020<\/a>) under the theme \u201cFuture in Action,\u201d new administrative capital, Egypt.<\/p>\n<p>12 April (Sunday): Easter Sunday.<\/p>\n<p>12 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/240116_1.pdf\">Court session for Amer Group<\/a>, Porto Group compensation claim against Antaradous.<\/p>\n<p>17-19 April (Friday-Sunday): IMF, World Bank hold Spring Meetings.<\/p>\n<p>18 April (Saturday): One half of renowned duo 2CELLOS, Stjepan Hauser, known simply as Hauser, will be performing his only show in Egypt and it will take place in Somabay, Hurghada on April 18th. Tickets on sale at Ticketsmarche soon.<\/p>\n<p>19 April (Sunday): <a href=\"https:\/\/ent.news\/2020\/2\/%D8%A7%D8%B1%D8%A7%D8%A8%D9%8A%D8%A7-24-2-2020.pdf\">Court session for Arabia Investments Holdings\u2019<\/a> <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>.<\/p>\n<p>19 April (Sunday): Coptic Easter Sunday, national holiday.<\/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>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>14 May (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23 May (Saturday): An administrative court will look into an appeal by steel rolling mills to overturn a government\u2019s decision to place import tariffs on steel rebar and iron billets. The hearing <a href=\"http:\/\/bit.ly\/32gKHbU\">was postponed<\/a> from 22 February 2020.<\/p>\n<p>23-26 May (Saturday-Tuesday): Eid El Fitr (TBC).<\/p>\n<p>June: <a href=\"https:\/\/www.facebook.com\/CEconomySummit\/\">Circular Economy Summit<\/a>, Egypt, venue TBA.<\/p>\n<p>4-6 June (Thursday-Saturday): <a href=\"https:\/\/sommetafriquefrance202a0.org\/en\/\">2020 Africa-France Summit<\/a>, Bordeaux, France.<\/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>25 June (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>24 September- 2 October (Thursday-Friday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/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>12 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>24 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":570199,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-570198","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"600388c4-67a8-4471-9bd5-6ed7dc5cf7ad","teaser":"","photo_url":"https:\/\/ent.news\/2020\/3\/255.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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