{"id":575233,"date":"2020-10-07T04:12:58","date_gmt":"2020-10-07T04:12:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=575233"},"modified":"2025-12-16T10:09:39","modified_gmt":"2025-12-16T10:09:39","slug":"of-inflation-and-interest-rates-el-erian-on-egypts-post-covid-path-enjoy-your-long-weekend-and-see-you-back-here-on-sunday","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/of-inflation-and-interest-rates-el-erian-on-egypts-post-covid-path-enjoy-your-long-weekend-and-see-you-back-here-on-sunday\/","title":{"rendered":"Of inflation and interest rates + El Erian on Egypt\u2019s post-covid path. \r\n(Enjoy your long weekend and see you back here on Sunday)"},"content":{"rendered":"<section id=\"575235\" 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=\"575235\">\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\/10\/07\/what-were-tracking-on-7-october-2020\/\">\r\n                            What we\u2019re tracking on 7 October 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\/10\/07\/what-were-tracking-on-7-october-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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We hope you\u2019re looking forward to the long weekend as much as <\/strong><strong>we are. <\/strong>We\u2019re looking forward to a well-earned break, but will also take a moment to honor those who have served in our country\u2019s conflicts, particularly those who made the ultimate sacrifice.<\/p>\n<p><strong>We have 4,032 candidates vying for seats in the upcoming House of Representatives <\/strong><strong>elections<\/strong>, according to the final list the National Elections Authority released yesterday, <a href=\"https:\/\/bit.ly\/3izcXNH\">Youm7<\/a> reports. The list was finalized after the Administrative Court issued its final rulings on appeals from candidates whose bids were not accepted. Voters will go to the polls in a multi-stage process starting 21 October (voters abroad) and 24 October (in Egypt).<\/p>\n<p><strong>Season three of Making It, our podcast on how to build a great business in Egypt, debuts<\/strong><strong> tomorrow <\/strong>\u2014 just in time for the long weekend \u2014 with new episodes available each Thursday thereafter. Making It is brought to you in association with our friends at CIB and USAID.<\/p>\n<p><strong>Tap or click here to listen to this season\u2019s trailer<\/strong> on <a href=\"https:\/\/bit.ly\/2S9DRkn\">our website<\/a> | <a href=\"https:\/\/apple.co\/3n51NDy\">Apple Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/3mWJII1\">Google Podcasts<\/a>.<\/p>\n<p><strong>USAID\u2019s acting administrator, John Barsa, is in town until tomorrow<\/strong> for a three-day visit focused on economic development and religious freedom, according to a <a href=\"https:\/\/eg.usembassy.gov\/acting-usaid-administrator-john-barsa-travels-to-egypt\/\">US Embassy statement<\/a>. Joined by Minister of International Cooperation Rania Mashat, Barsa paid a visit yesterday to Flat6Labs \u2014 which is supported by USAID and the Egyptian-American Enterprise Fund \u2014 and to Coptic Orphans, which has helped girls in Upper Egypt to develop leadership skills with the organization\u2019s support. The embassy noted that Flat6 has helped more than 100 businesses create nearly 7.5k jobs. USAID has invested some USD 30 bn in Egypt since 1978.<\/p>\n<p><strong>Speaking of the US of A: <\/strong><strong>Kamala Harris and Mike Pence are going head-to-head in the<\/strong> <strong>vice presidential debate <\/strong><strong>tonight<\/strong> in Salt Lake City. The hometown angle for us (beyond enjoying the show across the pond): EM bonds are among the options on the menu now as investors look to hedge their portfolios against a potential post-election selloff, the <a href=\"https:\/\/www.ft.com\/content\/8d225a2e-5552-4e44-bcbb-c7cc4340a444\">FT<\/a> reports.<\/p>\n<p><strong>We\u2019re getting new shiny new polymer banknotes in 2021:<\/strong> The central bank will begin printing plastic EGP 10 and EGP 20 notes, which have at least three times the lifespan of traditional paper money, once the new administrative capital printshop becomes operational, reports <a href=\"https:\/\/bit.ly\/30GrS2e\">Youm7<\/a>.<\/p>\n<p><strong>***<\/strong><\/p>\n<p><strong>The last time we swatted a white spheroid with a weighted stick was as a requirement to <\/strong><strong>graduate high school<\/strong>, but we are given to understand that many of you out there enjoy said pastime. In our dotage, we have moved on to swinging at fuzzy yellow balls, but for those of you who prefer golf:<\/p>\n<p><strong>It isn\u2019t too late to register for a three-day golf championship this long weekend on a Gary <\/strong><strong>Player-designer course. <\/strong>Our friends at Somabay are hosting a three-day golf tournament running 8-10 October. The tournament, which will follow the rules of golf approved by the Royal & Ancient Golf Club of St Andrews, will be held under the auspices of the Egyptian Golf Federation. <strong>Register for the event <\/strong>by emailing ghada@somabay.com or calling +20 12 2393 4205, and find out more about special accommodation packages <a href=\"https:\/\/ent.news\/2020\/10\/image-4.png\">here<\/a>.<\/p>\n<p><strong>***<\/strong><\/p>\n<p><strong>The IMF and World Bank\u2019s <\/strong><strong><a href=\"https:\/\/meetings.imf.org\/en\/2020\/Annual\">fall meetings<\/a><\/strong><strong> are next week (16-18 October), and already we\u2019re <\/strong><strong>being warned that \u201cthe calamity is far from over.\u201d <\/strong>The global economy\u2019s path to recovery is far from certain, fund boss Kristalina Georgieva warned yesterday, urging governments to do \u201cwhatever it takes\u201d to avoid stagnation. Speaking ahead of next week\u2019s annual meetings, Georgieva said the global economy faces a \u201clong ascent\u201d to pre-covid growth levels and warned policymakers that removing the emergency measures introduced to support the economy could result in \u201csevere economic scarring.\u201d This comes a day after the IMF <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20146143-119c-4605-af05-60b47d84a431\">called on advanced economies<\/a> to ramp up public investment in infrastructure (<a href=\"https:\/\/www.ft.com\/content\/2601458c-6f28-4b93-9693-0307e473107d\">Financial Times<\/a> | <a href=\"https:\/\/www.cnbc.com\/2020\/10\/06\/imf-covid-crisis-not-as-bad-as-initially-thought-kristalina-georgieva-says.html\">CNBC<\/a> | <a href=\"https:\/\/www.theguardian.com\/business\/2020\/oct\/06\/imf-world-economy-covid-kristalina-georgieva\">The Guardian<\/a>).<\/p>\n<p><strong>Next week will be awesome for gadget nerds: <\/strong><\/p>\n<p><strong>Apple is set to unveil new iPhones next Tuesday at its virtual \u201cHi, Speed\u201d event.<\/strong> Pundits expect to see a big reveal of new iPhones that support 5G, as well as new AirPods and possibly tags to find lost items seamlessly, <a href=\"https:\/\/www.reuters.com\/article\/us-apple-iphone\/apple-announces-speed-event-next-week-new-iphones-expected-idUSKBN26R2W7?il=0\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-10-06\/apple-to-hold-online-event-to-unveil-5g-iphones-on-oct-13\">Bloomberg<\/a> report.<\/p>\n<p><strong>Nikon will until its much-awaited Z6 II and Z7 II mirrorless cameras on Wednesday. <\/strong><a href=\"https:\/\/nikonrumors.com\/2020\/09\/21\/updated-rumored-nikon-z6s-and-z7s-camera-specifications.aspx\/\">Nikon<\/a><a href=\"https:\/\/nikonrumors.com\/2020\/09\/21\/updated-rumored-nikon-z6s-and-z7s-camera-specifications.aspx\/\">Rumors<\/a> has a rundown on what you can expect, including dual card slots, the promise of better AF thanks to twin processors, and a real vertical grip accessory. While you\u2019re there, check out NR\u2019s <a href=\"https:\/\/nikonrumors.com\/2020\/10\/06\/first-set-of-rumored-nikon-z9-mirrorless-camera-specifications.aspx\/#more-150785\">first rumored specs of the Z9, which looks like a beast<\/a>.<\/p>\n<p><strong>Fujifilm will unveil its X-S10 midrange mirrorless camera on Thursday. <\/strong><a href=\"https:\/\/www.fujirumors.com\">FujiRumors<\/a> has more.<\/p>\n<p><strong>Four Egyptian companies have made <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/ar\/list\/the-middle-easts-50-most-funded-startups-arabic\">Forbes\u2019 list<\/a><\/strong><strong> of the Middle East\u2019s 50 most-funded<\/strong> <strong>start-ups:<\/strong> <a href=\"https:\/\/www.linkedin.com\/company\/halan\">Halan<\/a>, <a href=\"https:\/\/adzily.com\/\">Adzily<\/a>, <a href=\"https:\/\/moneyfellows.com\/\">MoneyFellows<\/a>, and <a href=\"https:\/\/thelucky.app\/en\/\">Lucky<\/a> are among the region\u2019s best funded startups, raising a collective USD 60.7 mn since their founding. Halan, the international ride hailing app and on-demand delivery startup has so far raised USD 23.5 mn from investors. Digital advertising platform Adzily was noted to have raised USD 12.2 mn. Dsquares\u2019 consumer discounts platform Lucky raised USD 20 mn from investors, while fintech startup MoneyFellows saw USD 5 mn invested since its 2016 launch.<\/p>\n<p><strong>PSA- Look for a warm weekend before temperatures cool next week<\/strong> to the low 30\u00b0c range as we slide into fall weather.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/33BxLzK\">reported<\/a><\/strong><strong> 121 new covid-19 infections yesterday<\/strong>, up from 98 the day before. Egypt has now disclosed a total of 103,902 confirmed cases of covid-19. The ministry also reported 11 new deaths, bringing the country\u2019s total death toll to 6,001. We now have a total of 97,449 confirmed cases that have fully recovered.<\/p>\n<p><strong>One in 10 of the world\u2019s population may have already been infected by the virus<\/strong>, Mike Ryan, director of the WHO\u2019s Health Emergencies Programme, said on Monday, <a href=\"https:\/\/edition.cnn.com\/2020\/10\/06\/health\/who-coronavirus-world-population-intl\/index.html\">CNN<\/a> reports. More than 35.6 mn cases have so far been reported globally, according to the Johns Hopkins University\u2019s <a href=\"https:\/\/coronavirus.jhu.edu\/map.html\">covid tracker<\/a>.<\/p>\n<p><strong>A covid-19 vaccine might be ready by the end of 2020<\/strong>, WHO Director-General Tedros Adhanom Ghebreyesus said, calling for equal distribution when immunization is available, according to <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-who-board\/covid-19-vaccine-may-be-ready-by-year-end-whos-tedros-idUSKBN26R2BZ?il=0\">Reuters<\/a>. Currently, there are nine experimental vaccines in the pipeline of the WHO\u2019s Covax global facility, which aims to distribute 2 bn doses by the end of 2021.<\/p>\n<p><strong>Pfizer and BioNTech\u2019s vaccine is getting expedited clearance from the EU\u2019s<\/strong><strong> medical regulator<\/strong>, allowing mass production to begin immediately if it is judged to be safe following phase three trials, <a href=\"https:\/\/www.ft.com\/content\/e9ebc6b0-9fa8-4725-a673-b7b14931c391\">the Financial Times<\/a> reports. Pfizer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5a77855-55f7-42fb-97e2-f41c3d3da90e\">previously said<\/a> that it will be able to assess whether the shot is safe and effective before the end of October.<\/p>\n<p class='web-image stand-out-borderless' ><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/SOMA-ENTERPRISE2.jpg?ssl=1\" alt='enterprise'><\/a>As a first-class leading golfing destination, Somabay will be hosting a 2020 edition golf tournament on its world renowned golf courses, upgraded with new innovative tweaks, driving ranges and floodlights.<\/p>\n<p>Somabay\u2019s golf course stands out when it comes to sustainability as solar energy is used for seawater desalination, in addition to applying smart irrigation systems to ensure minimum water consumption and cost of sand.<\/p>\n<p><strong>The World Trade Organization (WTO) is a bit more optimistic than expected on global<\/strong><strong> trade performance this year<\/strong>, <a href=\"https:\/\/www.wto.org\/english\/news_e\/pres20_e\/pr862_e.htm\">saying yesterday<\/a> it expects the volume of traded goods to drop by 9.2% this year \u2014 a more upbeat outlook from the 13-32% drop it had anticipated in April. The updated forecasts came after June and July\u2019s trade volumes outperformed expectations as countries eased lockdowns, but the WTO caveats that the outlook could change again if we see a \u201cresurgence\u201d of covid-19 in 4Q2020.<\/p>\n<p><strong>The rebound next year isn\u2019t going to be as sharp as previously anticipated, though:<\/strong> The WTO is now penciling in 7.2% growth in 2021, which is a significant downwards forecast from the 21.3% growth it had expected previously, due to the threat of a second wave of lockdowns.<\/p>\n<p><strong>Google-affiliated health insurance provider Clover Health is jumping on the SPAC <\/strong><strong>bandwagon<\/strong> as it goes public through a USD 3.7 bn agreement with former Facebook executive Chamath Palihapitiya\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\">special-purpose acquisition company (SPAC)<\/a> Social Capital Hedosophia III, <a href=\"https:\/\/www.ft.com\/content\/e8827776-5680-4d51-94bf-128f394b742e\">the FT<\/a> reports.<\/p>\n<p><strong>Don\u2019t know your SPAC from your PIPE?<\/strong> We\u2019ve got you covered <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eef3c40-2b12-4e25-a16b-fb8ee9063438\">here<\/a>.<\/p>\n<p><strong>We\u2019re that much closer to understanding black holes thanks to these Nobel <\/strong><strong>Laureates: <\/strong><\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/Nobel-Physics1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p>Three scientists \u2014 Sir Roger Penrose, Reinhard Genzel and Andrea Ghez \u2014 have been awarded the <a href=\"https:\/\/www.nobelprize.org\/prizes\/physics\/2020\/summary\/\">2020 Nobel Prize in Physics<\/a> for their research into black holes. Sir Penrose\u2019s research showed that black holes were an inevitable consequence of Einstein\u2019s theory of relativity, while Genzel and Ghez (who is the fourth woman to ever win the physics prize) provided convincing evidence that our galaxy is centered around a supermassive black hole, known as Sagittarius A*.<\/p>\n<p><strong>The Nobel Prize in chemistry will be announced today<\/strong>, the literature prize tomorrow and the peace prize on Friday. The too-complicated-to-write prize in economics will be announced next Monday.<\/p>\n<p><strong>Eddie Van Halen \u2014 the lead guitarist of rock band Van Halen \u2014 has passed away at age<\/strong><strong> 65 following a battle with cancer<\/strong>, his son <a href=\"https:\/\/twitter.com\/WolfVanHalen\/status\/1313561314598350848\">said yesterday<\/a>. The <a href=\"https:\/\/www.nytimes.com\/2020\/10\/06\/arts\/music\/eddie-van-halen-dead.html\">New York Times<\/a> and <a href=\"https:\/\/www.rollingstone.com\/music\/music-news\/eddie-van-halen-dead-200051\/\">Rolling Stone<\/a>, among others, have obits for the Rock Hall of Famer.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> In part 3 of our series on how our ageing water infrastructure is causing us to lose water to leakage, we explore just how bad the leakage problem has hurt the most water intensive activity in Egypt \u2014 agriculture.<\/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\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iphone\/\">iPhone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n             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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/07\/last-nights-talk-shows-mohamed-el-erian-on-egypts-post-covid-economic-recovery\/\">\r\n                            Last night\u2019s talk shows: Mohamed El-Erian on Egypt\u2019s post-covid economic recovery                        <\/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 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/07\/last-nights-talk-shows-mohamed-el-erian-on-egypts-post-covid-economic-recovery\/&title=Last night\u2019s talk shows: Mohamed El-Erian on Egypt\u2019s post-covid economic recovery\">\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=Last+night%E2%80%99s+talk+shows%3A+Mohamed+El-Erian+on+Egypt%E2%80%99s+post-covid+economic+recovery+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F07%2Flast-nights-talk-shows-mohamed-el-erian-on-egypts-post-covid-economic-recovery%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\/10\/07\/last-nights-talk-shows-mohamed-el-erian-on-egypts-post-covid-economic-recovery\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575237\" class=\"content-area-description single-story post-575237 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-mohamed-el-erian wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Celebrations of the 6 October anniversary and Egypt\u2019s 1973 military victory dominated<\/strong><strong> the airwaves last night<\/strong>, with most airing President Abdel Fattah El Sisi\u2019s speech in commemoration of the day: Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=vOg_dUFXG_E\">watch, runtime: 1:29<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=sd4VVNmRrDA\">watch, runtime: 1:45<\/a>), and Masaa DMC\u2019s Ramy Radwan <a href=\"https:\/\/www.youtube.com\/watch?v=ummXo59mcNI&t=3s\">(watch: runtime: 4:29)<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The highlight of the evening, however, was Lamees\u2019 interview with Allianz Chief Economist and markets sage Mohamed El-Erian<\/strong>, who was also just recently <a href=\"https:\/\/www.queens.cam.ac.uk\/life-at-queens\/news-and-events\/dr-mohamed-a-el-erian-elected-as-new-president\">elected<\/a> the 42nd president of Queens\u2019 College Cambridge. <strong><a href=\"https:\/\/www.youtube.com\/watch?v=x9bMyfydhiM\">Tap \/ click here for the full interview<\/a><\/strong> (runtime: 18:46).<\/p>\n<p><strong>By and large, Egypt is doing well in its post-covid economic recovery<\/strong>, partially because of demographic fundamentals such as having a young population that is better able to cope with the virus and requires less hospitalization. The Central Bank of Egypt and the government also moved impressively quickly at the beginning of the pandemic to support the economy and consumers, El-Erian noted, which helped to offset the economic fallout (<a href=\"https:\/\/www.youtube.com\/watch?v=k84fvkGQO7w\">watch, runtime: 1:18<\/a>). China is also seeing a stronger economic recovery because it has the benefit of having gone through the crisis first, he said (<a href=\"https:\/\/www.youtube.com\/watch?v=VJz_VYln_HI\">watch, runtime: 1:12<\/a>).<\/p>\n<p><strong>The only way out of the economic slowdown for Egypt and the rest of the world is high inclusive growth<\/strong> to generate income and help bring down ballooning debt levels, El-Erian said. Governments can also resort to austerity measures, but austerity is not a permanent solution, he noted (<a href=\"https:\/\/www.youtube.com\/watch?v=Er3kGF_eNrU\">watch, runtime: 1:31<\/a>).<\/p>\n<p><strong>The global economy and markets look like they\u2019re living in two different dimensions<\/strong>, El-Erian said. Whereas economic growth across the world is less than what is needed \u2014 and will fall short of what is possible \u2014 markets are doing relatively well by benefiting from central bank stimulus measures, meaning they aren\u2019t reflective of the economic situation on the ground, he noted (<a href=\"https:\/\/www.youtube.com\/watch?v=2Fja1GIEwdA\">watch, runtime: 2:36<\/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\/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\/mohamed-el-erian\/\">Mohamed El Erian<\/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=\"575238\" 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=\"575238\">\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\/10\/07\/falling-inflation-could-lead-to-a-delicate-balancing-act-on-interest-rates\/\">\r\n                            Falling inflation could lead to a delicate balancing act on interest rates                        <\/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\/10\/07\/falling-inflation-could-lead-to-a-delicate-balancing-act-on-interest-rates\/\" 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 consultations would be triggered under the USD 5.2 bn stand-by facility Egypt agreed with the fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16be15c7-809a-4228-ae03-8d3acd1c122f\">earlier this year<\/a>, which stipulates that the government would consult with an IMF technical team should the inflation rate fall below 6% by the end of September, and with the fund\u2019s executive board if it dips below 4%.<\/p>\n<p><strong>Where is inflation now?<\/strong> Egypt\u2019s annual headline urban inflation slowed down to 3.4% in August \u2014 the lowest since 2005 \u2014 from 4.2% in July. Economists quoted by Reuters expect the September numbers to hover in the same region. September figures are expected to be out on Saturday. Renaissance Capital had said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2efff360-1ba5-4323-8659-b29a24c332d0\">last month<\/a> it expects inflation to close out 2020 just below the Central Bank of Egypt\u2019s (CBE) inner band target of 6-12%.<\/p>\n<p><strong>What to expect:<\/strong> Reuters suggests that a nudge from the IMF to cut interest rates when the CBE next meets in mid-November would pose a quandary as policymakers have shied away from being too aggressive with monetary easing since they enacted an emergency 300 basis point cut in March to stimulate a recovery from covid-19. \u201c<strong>I don\u2019t think they\u2019re comfortable cutting rates when the external balances are still under pressure. High real rates also keep the carry trade going<\/strong>,\u201d said EFG Hermes\u2019 head of macroeconomic research Mohamed Abu Basha. This means monetary easing would be preferable for policymakers if they ensure other sources of FX, including tourism and expat remittances, recover from the pandemic-induced shock, the economists say.<\/p>\n<p><strong>In its most recent meeting,<\/strong> <strong>the MPC lowered rates by 50 basis points<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/383b8b99-dd6d-46df-b2dd-f2c241ea039f\">against<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/383b8b99-dd6d-46df-b2dd-f2c241ea039f\">expectations<\/a>, and citing favorable summer indicators. The move could also alleviate pressure for another rate cut in November, Werr suggests. <strong>The IMF\u2019s next formal consultation with Egypt is scheduled for December.<\/strong><\/p>\n<p><strong>Why is low inflation a bad thing? Falling inflation implies (but is not a cause of) muted <\/strong><strong>economic activity. <\/strong>If inflation (in any economy) is considered lower than it \u201cshould\u201d be, this is usually a signal that people aren\u2019t spending enough money on consumption and investment. Policymakers have succeeded in taming inflation from a post-float peak of 33% in July 2017, but the shift in priorities now needs to be towards supporting growth in 2021 and 2022, said Charles Robertson, chief economist at Renaissance Capital. Robertson also points to manufacturing in particular as one area of the economy that is lacking in investment.<\/p>\n<p><strong>The CBE has had a very steady hand as it guided the economy through the pandemic<\/strong>, including its approach to interest rate cuts and stimulus. And cutting rates in the near term may do little to stimulate corporate spending, anyway: <strong>With market demand still recovering, there isn\u2019t much in the way of an imperative for corporates to take debt on board <\/strong>when utilization is well below 100%, although lower rates could prompt a bit more consumer spending.<\/p>\n<p><strong>And then there\u2019s the need to stay attractive to the carry trade<\/strong>, where <a href=\"https:\/\/www.ft.com\/content\/99603ed2-0580-455f-823a-d138685e2b4f\">the Financial Times<\/a> suggests we may be facing competition from other EMs that are raising rates, including Turkey and Hungary.<\/p>\n<p><strong>But Enterprise, what is the carry trade?<\/strong> Check out our explainer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1eb6d15c-55a3-4fd5-a26e-b11c728512b4\">here<\/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\/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\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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\/policy\/\">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=\"575255\" 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=\"575255\">\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\/10\/07\/egypt-in-the-news-on-6-october-2020-2\/\">\r\n                            Egypt in the News on 6 October 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\/10\/07\/egypt-in-the-news-on-6-october-2020-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            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2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/10\/07\/egypt-in-the-news-on-6-october-2020-2\/\">\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\/10\/07\/egypt-in-the-news-on-6-october-2020-2\/&title=Egypt in the News on 6 October 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+6+October+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F07%2Fegypt-in-the-news-on-6-october-2020-2%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\/10\/07\/egypt-in-the-news-on-6-october-2020-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575255\" class=\"content-area-description single-story post-575255 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-building-code tag-egypt-in-the-news tag-emmanuel-macron tag-enterpriseam tag-journalism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Topping coverage in the foreign press:<\/strong> <a href=\"https:\/\/www.theguardian.com\/world\/2020\/oct\/06\/egypt-security-forces-target-rare-anti-government-protests\">The Guardian<\/a> reports on rare anti-government protests by citizens who are unable to afford the fines to settle building code violations and face having their homes demolished. <a href=\"https:\/\/www.reuters.com\/article\/us-egypt-politics-demolitions\/crackdown-on-illegal-housing-leaves-some-egyptians-struggling-to-pay-fees-idUSKBN26Q0ZP\">Reuters<\/a> interviewed people in several provinces whose salaries are nowhere near enough to pay the required fees.<\/p>\n<p><strong>Elsewhere:<\/strong> Egypt gets mentioned in a <a href=\"https:\/\/www.ft.com\/content\/349a60db-6b12-4210-a2f1-019b3e38c280\">Financial Times<\/a> story on how some Arab youth are looking to emigrate from the region due to economic hardships, while Stephen Paduano writes for <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2020\/10\/06\/egypt-ethiopia-standoff-nile\/\">the Washington Post<\/a> that the Trump administration\u2019s decision to slash aid to Ethiopia over the Grand Ethiopian Renaissance Dam has escalated Addis Ababa\u2019s tensions with Egypt.<\/p>\n<p><a href=\"https:\/\/north-africa.com\/2020\/10\/finally-egypt-does-the-right-thing-it-released-journalist-basma-mostafa\/\">The North Africa Journal<\/a> also notes that Al Manassa reporter Basma Mostafa has been released after being detained while reporting on the alleged killing of a man by police in Luxor.<\/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\/building-code\/\">building code<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/emmanuel-macron\/\">Emmanuel Macron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/journalism\/\">journalism<\/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=\"575256\" 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=\"575256\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/07\/diplomacy-foreign-trade-on-8-october-2020\/\">\r\n                            Diplomacy + Foreign Trade on 8 October 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 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<\/a>\r\n\r\n                \n<article id=\"post-575256\" class=\"content-area-description single-story post-575256 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-diplomacy-foreign-trade tag-enterpriseam tag-rania-al-mashat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Topping diplomatic coverage this morning:<\/strong> We now know how the <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/09\/afd-earmarks-eur-1-bn-for-egypt-development-projects-over-coming-4-years\/\">EUR 1 bn loan<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/09\/afd-earmarks-eur-1-bn-for-egypt-development-projects-over-coming-4-years\/\">agreement<\/a> signed with the French Development Agency (AFD) last year will be spent, following <a href=\"https:\/\/bit.ly\/3liofHF\">a meeting<\/a> between International Cooperation Minister Rania Al Mashat and French Ambassador to Cairo St\u00e9phane Romatet yesterday. The four-year agreement is set to last through 2023 and will channel funding to various infrastructure development, health, education, energy and water management projects. Some of the most notable allotments include:<\/p>\n<ul>\n<li>EUR 250 mn for the Abu Qir electric railway conversion project<\/li>\n<li>EUR 155 mn for water management and sanitation projects in Helwan<\/li>\n<li>EUR 150 to finance unspecified energy development projects<\/li>\n<li>EUR 150 mn to support the government\u2019s universal health insurance scheme.<\/li>\n<\/ul>\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\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rania-al-mashat\/\">Rania Al Mashat<\/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=\"575260\" 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=\"575260\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/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\/10\/07\/the-market-yesterday-184\/\">\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\/10\/07\/the-market-yesterday-184\/\" 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\/10\/07\/the-market-yesterday-184\/')\">\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\/10\/07\/the-market-yesterday-184\/\">\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\/10\/07\/the-market-yesterday-184\/\">\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\/10\/07\/the-market-yesterday-184\/&title=The Market Yesterday\">\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=The+Market+Yesterday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F10%2F07%2Fthe-market-yesterday-184%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\/10\/07\/the-market-yesterday-184\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575260\" class=\"content-area-description single-story post-575260 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 15.78<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.67 | Sell 15.77<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.68 | Sell 15.78<\/p>\n<p><strong>EGX30<\/strong> (Tuesday): 11,146 (+1.3%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.3 bn (16% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -20.2%<\/p>\n<p><strong>THE MARKET ON TUESDAY:<\/strong> The EGX30 ended Tuesday\u2019s session up 1.3%. CIB, the index\u2019s heaviest constituent, ended up 0.9%. EGX30\u2019s top performing constituents were Madinet Nasr Housing up 6.5%, Sodic up 4.3%, and Orascom Development up 4.1%. Yesterday\u2019s worst performing stocks were Dice down 1.3%, Egypt Kuwait Holding down 0.3% and Cleopatra Hospital down 0.2%. The market turnover was EGP 1.3 bn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -48.5 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +33.9 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +14.6 mn<\/p>\n<p><strong>Retail<\/strong>: 79.0% of total trades | 80.1% of buyers | 78.0% of sellers<br \/>\n <strong>Institutions<\/strong>: 21.0% of total trades | 19.9% of buyers | 22.0% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 39.83 (+1.56%)<br \/>\n <strong>Brent:<\/strong> USD 41.88 (+1.43%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 2.51 MMBtu (-3.94%, November 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,881.70 \/ troy ounce (-2.00%)<\/p>\n<p><strong>TASI:<\/strong> 8,369.33 (+1.35%) (YTD: -0.24%)<br \/>\n <strong>ADX:<\/strong> 4,428.78 (-0.11%) (YTD: -11.68%)<br \/>\n <strong>DFM:<\/strong> 2,225.52 (+0.04%) (YTD: -19.51%)<br \/>\n <strong>KSE Premier Market:<\/strong> 6,272.01 (+0.96%)<br \/>\n <strong>QE:<\/strong> 10,016.28 (+0.60%) (YTD: -3.93%)<br \/>\n <strong>MSM:<\/strong> 3,603.07 (+0.29%) (YTD: -9.50%)<br \/>\n <strong>BB: <\/strong>1,445.28 (+0.33%) (YTD: -10.24%)<\/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=\"575261\" 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\/10\/07\/575261\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-575261\" class=\"content-area-description single-story post-575261 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>October: Trade and Industry Ministry allocates SMEs seven industrial complexes.<\/p>\n<p>1-10 October (Thursday-Saturday): Alexandria Book Fair, Kouta, Alexandria.<\/p>\n<p>8 October (Thursday): National holiday in observance of Armed Forces Day.<\/p>\n<p>12 October (Monday): The Egyptian Iron and Steel company <a href=\"https:\/\/bit.ly\/2RJtfZq\">general assembly<\/a> would discuss demerging its mining and quarrying unit and restructure the company\u2019s board of directors<\/p>\n<p>10-17 October (Saturday-Saturday): CIB Egyptian Squash Open, New Giza Sporting Club \/ Pyramids of Giza.<\/p>\n<p>17 October (Saturday): 2020-2021 academic year <a href=\"https:\/\/egyptindependent.com\/egypts-academic-year-to-start-october-17-but-decisions-remain-to-be-made\/\">begins<\/a> for K-12 students at state schools and students in <a href=\"https:\/\/bit.ly\/3eRqo9E\">public universities<\/a>.<\/p>\n<p>18 October (Sunday): A court will hold <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%a8%d9%8a%d8%a7%d9%86%20%d9%82%d8%b6%d9%8a%d8%a9%202%20%d8%b9%d8%a7%d9%85%d8%b1%2004-10-2020.pdf\">a postponed hearing<\/a> to look into <a href=\"https:\/\/www.arabfinance.com\/en\/news\/details\/egypt-companies\/471891\">an unpaid claims lawsuit<\/a> by Syria\u2019s Antradous against Mansour Amer\u2019s Amer Group and Porto Group.<\/p>\n<p>18-22 October (Sunday-Thursday): The annual <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week<\/a> event \u2014 which will be semi- virtual this year \u2014 will be held under the slogan \u201cWater Security for Peace and Development in Arid Regions\u201d<\/p>\n<p>21-23 October (Wednesday-Friday): Polls open to international voters for first round of Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>23-31 October (Friday-Saturday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>24-25 October (Saturday - Sunday) Polls open for first round of Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>29 October (Thursday): Prophet Mohamed\u2019s birthday (TBC), national holiday.<\/p>\n<p>End of October: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d33a1331-bba4-462c-a268-96256d9235ec\">Last chance to settle building code violations<\/a> for illegal buildings.<\/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>November: An Egyptian-Russian ministerial committee <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/3275672832501495\">will meet<\/a> to discuss trade and investment in Moscow.<\/p>\n<p>2 November: Former Civil Aviation Minister Ahmed Shafik faces <a href=\"https:\/\/bit.ly\/3lwPXla\">retrial<\/a> at Cairo Court of Appeals in the so-called Aviation Ministry corruption case.<\/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>4-6 November (Wednesday-Friday): Polls open to international voters for first round of Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>4-7 November (Wednesday-Saturday): <a href=\"https:\/\/www.cityscapeegypt.com\/en\/Home.html\">Cityscape Egypt Expo<\/a>, International Exhibition Center, Cairo<\/p>\n<p>7-8 November (Saturday-Sunday): Polls open for first round of Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>15 November (Sunday): Egyptian Tax Authority\u2019s <a href=\"https:\/\/bit.ly\/32UQfK0\">online intro seminar<\/a> on new electronic invoice system for first tranche of companies transitioning to e-filing program.<\/p>\n<p>19-28 November (Thursday-Sunday): <a href=\"https:\/\/www.ciff.org.eg\/\">Cairo International Film Festival<\/a>, Cairo Opera House, Egypt.<\/p>\n<p>23-24 November (Monday-Tuesday): Reruns for Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>30 November (Monday): Final results will be announced for Parliamentary elections held in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>December: The 110th regular <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1718744134970611\">session<\/a> of the Egyptian-Iraqi Joint Higher Committee will be held under the chairmanship of the prime ministers of the two countries.<\/p>\n<p>December: IMF delegation visits Egypt to in first of two reviews ahead of disbursement of second tranche of USD 5.2 bn SBA.<\/p>\n<p>1 December (Tuesday): The IMF will conduct a first review of targets set under the USD 5.2 bn standby loan approved in June (proposed date).<\/p>\n<p>5 December (Saturday): A court will hold <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%a8%d9%8a%d8%a7%d9%86%20%d9%82%d8%b6%d9%8a%d8%a9%201%20%d8%b9%d8%a7%d9%85%d8%b1%20%d8%ac%d8%b1%d9%88%d8%a8%2004-10-2020.pdf\">a postponed hearing<\/a> to look into an appeal by Syria\u2019s Anataradous against an <a href=\"https:\/\/www.arabfinance.com\/en\/news\/details\/egypt-companies\/475194\">arbitration ruling<\/a> in favor of Amer Group and Amer Syria.<\/p>\n<p>7-8 December (Monday-Tuesday): Reruns for Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>9-10 December (Wednesday-Thursday): <a href=\"http:\/\/www.biznexpo.com\/\">BiznEx<\/a>, the international business expo in Egypt, <a href=\"https:\/\/bit.ly\/3kz8vjb\">venue TBD<\/a>.<\/p>\n<p>14 December (Monday): Final results will be announced for Parliamentary elections held in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/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<p>13-31 January (Wednesday-Sunday): Egypt will host the 2021 <a href=\"https:\/\/www.handballegypt2021.com\/\">Men\u2019s Handball World Championship<\/a> at the Giza Pyramids<\/p>\n<p>25 January 2021 (Monday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26-28 January (Tuesday-Thursday): Future Investment Initiative, Riyadh, Saudi Arabia<\/p>\n<p>28 January 2021 (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>4 February 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>6-18 February (Saturday-Thursday): Mid-year school break.<\/p>\n<p>18 March 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>12 April 2021 (Monday): First day of Ramadan (TBC).<\/p>\n<p>25 April 2021 (Sunday): Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): National holiday in observance of Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>3 May 2021 (Monday): Sham El Nessim.<\/p>\n<p>6 May 2021 (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May 2021 (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>31 May-2 June 2021 (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>1 June 2021 (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>10 June 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 June 2021 (Thursday): End of the 2020-2021 academic year.<\/p>\n<p>26-29 June 2021 (Saturday-Tuesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/?utm_source=Adestra&utm_medium=email&CID=003D000002UIHn4IAH&utm_campaign=Egyp%5Bt%20postponement%20generic%20exp%20visp&utm_term&utm_content=7014G000001cG3zQAE&CNAME=Enterprise\">The Big 5 Construct Egypt<\/a>, Cairo International Convention Center<\/p>\n<p>22 July 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 July-3 August 2021 (Thursday-Monday): Eid Al Adha, national holiday (TBC).<\/p>\n<p>1 October 2021-31 March 2022 (Friday-Thursday): Postponed <a href=\"https:\/\/www.expo2020dubai.com\">Expo 2020 Dubai<\/a>.<\/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":575234,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-575233","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"dc2e0f5c-39ac-4ee5-8484-2fcebef7936e","teaser":"","photo_url":"https:\/\/ent.news\/2020\/10\/70.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Of inflation and interest rates + El Erian on Egypt\u2019s post-covid path.  (Enjoy your long weekend and see you back here on Sunday) - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/of-inflation-and-interest-rates-el-erian-on-egypts-post-covid-path-enjoy-your-long-weekend-and-see-you-back-here-on-sunday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Of inflation and interest rates + El Erian on Egypt\u2019s post-covid path.  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