{"id":616552,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=616552"},"modified":"2025-12-17T04:23:09","modified_gmt":"2025-12-17T04:23:09","slug":"its-morning-again-in-egypt-as-officials-float-currency-sign-up-for-imf-program","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/its-morning-again-in-egypt-as-officials-float-currency-sign-up-for-imf-program\/","title":{"rendered":"It\u2019s morning again in Egypt as officials float currency, sign up for IMF program"},"content":{"rendered":"<section id=\"616554\" 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=\"616554\">\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\/2024\/03\/07\/its-morning-again-in-egypt-sentiment-can-turn-on-a-dime-and-thats-what-happened-yesterday\/\">\r\n                            It\u2019s morning again in Egypt: Sentiment can turn on a dime, and that\u2019s what happened 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 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/166.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"166.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/166.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/166.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616554\" class=\"content-area-description single-story post-616554 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-central-bank-of-egypt tag-devaluation tag-economy tag-enterpriseam tag-foreign-exchange tag-imf tag-interest-rates tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.82dedaac-52e7-4ada-9bea-5ec6caf7022f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It\u2019s morning again in Egypt <\/strong>\u2014 we mean that literally, but also figuratively, in the same way that (forgive us the analogy) Ronald Reagan\u2019s campaign team meant it with its famous 1984 campaign ad. Simply put:<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yesterday\u2019s bold policy moves and clear statements by officials leave us more optimistic <\/strong>about the economy\u2019s direction of travel than we have been in four very long years. Remember the \u201cDragon Storm\u201d that portended the start of covid-19 and, with it, the crisis from which we now seem to be emerging? The four-year anniversary is in just five days\u2019 time. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Central Bank Governor Hassan Abdalla spoke for us all when he said yesterday that <\/strong><strong>having two exchange rates is a \u201cdisease that throws things out of balance\u201d <\/strong>and that much of what we\u2019ve seen in the past four years has reflected a \u201clack of confidence\u201d in the EGP (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=LIqcQPZ0NJI\" style=\"\" rel=\"noopener\">watch, runtime 12:27<\/a>). <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yesterday\u2019s moves were exactly what the doctor ordered, suggesting policymakers are <\/strong><strong>serious about restoring confidence. <\/strong>We have avoided the scenario many had feared: That the Ras El Hekma investment would provide short-term cover for policy inaction. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It is too early for unbridled optimism<\/strong>, but after a long period of slumber, we took explosive steps out of the starting blocks yesterday. The big challenge for all of us now \u2014 whether we\u2019re leading companies or governments \u2014 is to deliver policy stability while remaining flexible in the face of outside shocks. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But you know what? It\u2019s okay to feel good this morning. <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have the full rundown on everything in this morning\u2019s news well, below.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST- Here\u2019s the recap of what went down and how many in our community are feeling now:<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The Central Bank of Egypt\u2019s decision to allow the EGP to float was the key that <\/strong><strong>unlocked it all.<\/strong> And if it (so far) feels real, that\u2019s because it is, senior bankers, government officials, and diplomats tell us. After a period of bid-and-ask price discovery throughout the morning yesterday, banks bought and sold real volumes on the interbank market in the afternoon. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- A jumbo-sized, 600 bps interest rate hike <\/strong>and the rollout of new, high-interest CDs to sop up liquidity are probably just what the doctor ordered. A senior Finance Ministry official tells us that a 30% or higher return on t-bills is squarely in the range that they\u2019ve been told by foreign institutions would bring them back. The CEO at one of the nation\u2019s most visible private-sector banks tells us they bought USD from investors outside Egypt yesterday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key now: How quickly can we move to a series of rate cuts<\/strong> that will bring borrowing costs under control for the government and corporates alike. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE- The central bank will sell <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/643.jpg\" style=\"\" rel=\"noopener\">EGP 110 bn worth of t-bills<\/a><\/strong><strong> between today and Sunday. <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#3- The IMF handed us a lifeline that could be worth as much as USD 9.2 bn<\/strong>, including USD 8 bn in an extended fund facility covered under the staff-level agreement inked yesterday and, possibly, another USD 1-1.2 bn in climate finance from the lender \u2014 talks on the latter are still in progress. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More important are the policy reforms <\/strong>for which we\u2019ve signed up as a condition of the agreement, which brings us to:<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The IMF is going to be watching closely to make sure we stay the course<\/strong>, saying it will be monitoring our \u201cmove to a flexible exchange rate system, tightening of monetary and fiscal policies, and a slowdown in infrastructure spending\u201d all with a view to \u201creducing inflation, and preserve debt sustainability, while fostering an environment that enables private sector activity.\u201d We hope they\u2019re vocal and public if they see signs of deviation.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#5- There are very clear statements from officials including Prime Minister Moustafa <\/strong><strong>Madbouly, Abdalla, and Finance Minister Mohamed Maait <\/strong>that officials know we went off-track \u2014 and that we\u2019re committed to setting things right. <strong>The drumbeat will continue today: <\/strong>Maait has briefed G7 ambassadors and sought their support and will appear this afternoon at the American Chamber of Commerce in Egypt. He\u2019s also planning to make the rounds of other business associations and international chambers to talk about where we go from here. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- Importers of essential goods are getting allocations <\/strong>that are allowing them to move goods out of ports. Food and medicine are at the top of the list, we\u2019re told, but the hope is that folks with production inputs in port are next. The emphasis at one of the nation\u2019s largest banks, we\u2019re told, will be to \u201callocate as much as possible to as many clients as possible to make it clear: There\u2019s money moving into the system.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#7- Credit card restrictions are easing <\/strong>after the central bank left it to each lender\u2019s discretion how fast they let go of controls imposed over the past four years of crisis.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#8- Foreign appetite for Egypt is starting to return. <\/strong>Investors in the UAE yesterday had more appetite for the Egypt story than at any time in the past four years. True, that\u2019s not a high bar, but the interest was palpable. And our friends at multiple banks and investment banks are getting calls from investors in London, New York, and Frankfurt asking questions as they plan strategy. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But we need to be realistic: <\/strong>We need an extended period of policy stability if we\u2019re going to lure back foreign capital and have it stick \u2014 whether you\u2019re talking foreign portfolio investment, FDI, the carry trade, or interest in our debt. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#9- We\u2019re going to be able to access debt markets again, and that\u2019s a good <\/strong><strong>thing. <\/strong>Sentiment among the pundits is that we are now in a much better position to meet our short-term debt obligations \u2014<strong> nail that and we can access the eurobond market again<\/strong>, making it much easier for Maait and his team to effectively manage our debt. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#10- As one of the smartest people we know said yesterday: \u201cDon\u2019t be shocked if you <\/strong><strong>see a bit of dollarization before we de-dollarize.\u201d <\/strong>After a prolonged period of scarcity, some will cling to (or try to accumulate) USD in the days ahead and only let them go when the new FX policy proves credible. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#11- Expect several weeks of volatility. <\/strong>We\u2019re all adjusting to a new reality, and the coming days won\u2019t be a simple, linear journey. The key is for policymakers to stay the course and for business leaders to be level-headed as we push through the days to come. Small hiccups in the coming days don\u2019t necessarily suggest we\u2019re deviating off course, though they bear watching. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#12- And because it\u2019s all about sentiment, you can expect a steady drip of <\/strong><strong>announcements from banks and the government <\/strong>as restrictions ease and hard currency is made available. The goal: To convince holders of USD (particularly tourism and hotel operators) that it\u2019s safe to de-dollarize while sending the right signals to consumers and foreign investors alike. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#13- Will things get more expensive? <\/strong>We expect fuel price hikes and other subsidy cuts to have a transient impact on prices, but remember: The EGP is now changing hands at just under 50 to the greenback. Most goods on shelves now were priced at an implied exchange rate of something around EGP 70. As both EFG Hermes\u2019 Mohamed Abu Basha and HSBC\u2019s Simon Williams have noted \u2014 prices should cool.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We need to make sure that we learn the right lessons. <\/strong>Those lessons are many, but we can boil them down to four:<\/p><ul>\n<li><strong>The policy goal is not the exchange rate<\/strong>, it is to see broad-based economic growth led by the private sector with an inflation-targeting monetary policy regime that uses multiple tools to sustainable growth. A flexible exchange rate is a shock absorber \u2014 a peg is a boat anchor. <\/li>\n<li><strong>We absolutely need <\/strong><strong>infrastructure after nearly three decades of significant underinvestment <\/strong>in the run-up to 2011 \u2014 but it needs to be paced out. <\/li>\n<li><strong>The private sector absolutely cannot let up on the idea of exporting<\/strong> at the same time as we cater to domestic demand. Tourism, manufacturing, services \u2014 they\u2019re all key. <strong>Private-sector-led growth is the only way forward. <\/strong><\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Covid, the war in Ukraine, and genocide in Gaza have all presented external shocks<\/strong>, but they\u2019re shocks that other countries have absorbed. Many emerging and frontier markets let their currencies slide to remain globally competitive as covid unfolded. We did not. We didn\u2019t adjust after the war in Ukraine prompted capital flight from our market and many others. And we\u2019ve sagged under fallout (cf: Suez Canal receipts, broad sentiment) from Israel\u2019s brutal war in Gaza.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hope now? <\/strong>\u201cWhen you do the right thing, when the signals to the market are encouraging, you set up a virtuous cycle,\u201d says Abu Basha. \u201cYou attract foreign inflows in addition to the IMF program. You\u2019ll see a boost in reserves. And, critically, you\u2019ll start seeing USD already in Egypt flowing into the official market. The right policy moves create confidence that, with high rates, brings in foreigners and gives locals confidence.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exchange rate policy should be a shock absorber<\/strong>, not a boat anchor. <\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA-<\/strong><strong>Ramadan hours kick in next week:<\/strong> Shops, malls, restaurants, and cafes will be allowed to stay open until 2 am during the month of Ramadan and the Eid Al Fitr holiday, according to a Local Development Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/886666103503811\" style=\"\" rel=\"noopener\">decision<\/a> published in the Official Gazette. The extended hours will come into effect on Sunday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, at government offices: <\/strong>Public sector employees will be heading to work from 9 am to 2 pm during the holy month, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid04LqaAhPiHDnMws74V1obkHcrJ9K9MSwV8qr7jYcwBEaJiiZB3yufSpW9UEFuXgpnl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banks will follow suit: <\/strong>The central bank will soon share banks\u2019 working hours for the month. <\/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\/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\/devaluation\/\">devaluation<\/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\/foreign-exchange\/\">foreign exchange<\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/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=\"616556 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"616556\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/616556\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616556\" class=\"content-area-description single-story post-616556 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/9.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Escape to Somabay,<\/span><span> where the sun-kissed shores await your arrival. Immerse yourself in the warmth of a perfect vacation, starting each day with the radiant embrace of the sun. Unwind, explore, and create unforgettable memories in this paradise by the sea.<\/span><\/p>\n<\/div>\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<section id=\"616557\" 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=\"616557\">\r\n            \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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/what-got-us-there-a-float-of-the-egp-and-a-600-bps-rate-hike\/\">\r\n                            What got us there: A float of the Egyptian pound and a 600 bps rate hike                        <\/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\/2024\/03\/07\/what-got-us-there-a-float-of-the-egp-and-a-600-bps-rate-hike\/\" 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 lending rate now stands at 28.25% and the main operations rate is now at 27.75%. This is the second rate hike of 2024, following a 200 bps move <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe7e3e78-d6e6-4ad9-b0ea-3f206b156039\" style=\"\" rel=\"noopener\">last month<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe unification of the exchange rate is crucial<\/strong>, as it facilitates the elimination of foreign exchange backlogs following the closure of the spread between the official and the parallel exchange rate markets,\u201d the CBE said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/534.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, so too is a focus on inflation: <\/strong>The CBE said it will \u201ccontinue the transition to a flexible inflation targeting regime \u2026 and continue to target inflation as its nominal anchor.\u201d This comes as the FX crunch, rising global commodity prices, and domestic supply shocks have hampered economic growth and added to inflationary pressures, the bank explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflation could soon cool off significantly: <\/strong>Many (perhaps even most) goods now in Egypt are priced at an implied exchange rate in the EGP 70 range, so an EGP in the 40-50 band against the greenback is an appreciation for most businesses and households, suggesting the inflationary hit from the float could be very manageable \u2014 <strong>and trigger a faster-than-expected transition to a series of rate cuts <\/strong>as early as this spring or summer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What will drive inflation: <\/strong>An expected rise in fuel prices (the state can\u2019t afford to have its subsidy budget fly out of control) would hit the price of food, for starters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- High interest rates mean the government's cost of borrowing just went up, too. <\/strong>That could see the cost of debt service rise by as much as 8% by 2H 2024 to something in the range of EGP 800 bn to EGP 1 tn, a senior Finance Ministry official tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Big interest rates = big foreign appetite for Egypt<\/strong><strong>?<\/strong>Egypt is expected to see the return of foreign inflows to debt markets, lured by high interest rates, the official added. Yields on debt instruments have jumped in the past few days, with international investors signaling they\u2019re looking for returns of at least 30%, the source added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The private sector doesn\u2019t like high interest rates, either: <\/strong>\u201cWhile the CBE acknowledges that the tighter [monetary] stance could result in a short-term contraction in the private sector\u2019s real credit growth, the persistence of excessive inflationary pressures poses greater risks to its stability,\u201d the central bank said, adding that the hike will facilitate the private sector\u2019s growth over the medium term.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where did analysts see the EGP in the run-up to the float?<\/strong><\/p>\n<ul>\n<li><strong>HSBC<\/strong>\u2019s chief economist for CEEMEA, Simon Williams, told Enterprise <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb7dd039-7e59-4d09-8a61-e4e7489a7fb7\" style=\"\" rel=\"noopener\">earlier this week<\/a> that his view was largely unchanged at <strong>40-45<\/strong>;<\/li>\n<li><strong>Oxford Economics<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c6d887d-33f4-4c58-8b95-416941a67efe\" style=\"\" rel=\"noopener\">saw the EGP falling<\/a> to <strong>55-60<\/strong> to the USD;<\/li>\n<li><strong>Bloomberg\u2019<\/strong>s chief emerging markets economist <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21f48d1a-051c-4c8a-be41-0c7a7a5e819b\" style=\"\" rel=\"noopener\">Ziad Daoud<\/a> predicted the greenback to change hands at <strong>50<\/strong> or more;<\/li>\n<li><strong>Capital Economics<\/strong> is the least optimistic, seeing the EGP <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/140335a3-5325-4ae7-9083-b6a88d0fbbdd\" style=\"\" rel=\"noopener\">dropping<\/a> to <strong>65<\/strong> against the USD.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ With the exception of HSBC\u2019s figure, the others were all speaking in early February \u2014 it will be interesting to see how they update their 12-month forecasts in the days to come. <\/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\/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\/devaluation\/\">devaluation<\/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\/foreign-exchange\/\">foreign exchange<\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n  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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616560\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/madbouly-sounded-the-right-notes-as-he-unveiled-a-super-sized-usd-8-bn-imf-package\/595-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/595.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"595.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/595.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/595.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616559\" class=\"content-area-description single-story post-616559 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-devaluation tag-economy tag-enterpriseam tag-hassan-abdalla tag-imf tag-moustafa-madbouly wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.41112916-dbfd-466a-a05d-a5c9f777144d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt has lined up a USD 8 bn program with the International Monetary <\/strong><strong>Fund<\/strong> and could add another USD 1-1.2 bn in climate finance if separate negotiations translate into an agreement, Prime Minister Moustafa Madbouly said at a press conference yesterday with Central Bank of Egypt Governor Hassan Abdalla and IMF mission chief for Egypt Ivanna Hollar (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ecKR5VA4YWE\" style=\"\" rel=\"noopener\">w<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ecKR5VA4YWE\" style=\"\" rel=\"noopener\">atch, runtime: 18:13<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agreement came together yesterday after the central bank <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0362UEtfy1Di2E1TCSuWrv7bv18pzfm7x7vCUEkrYGZpK7WZkxwefRAqiE1am6CzZvl\" style=\"\" rel=\"noopener\">announced<\/a><\/strong><strong> the float of <\/strong><strong>the EGP and a jumbo rate hike.<\/strong> All of this was built on a pledge two weeks ago of up to USD 35 bn worth of investment from Abu Dhabi\u2019s ADQ, including some USD 24 bn in payments for the development rights to Ras El Hekma. The first payment from ADQ arrived in Egypt last week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fine print: <\/strong><a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2024\/03\/06\/pr-2459-egypt-staff-and-authorities-reach-agreement-on-reviews-under-the-eff-arrangement\" style=\"\" rel=\"noopener\">This agreement<\/a> is subject to approval by the IMF\u2019s executive board, which will meet to consider the pact before the end of the month, Hollar said at the presser.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And there might be more to come: <\/strong>The agreement will be followed by more funding \u2014 in soft loans \u2014 fromother international partners like the World Bank and EU, Madbouly added. (We don\u2019t expect bns from the EU, which has perhaps EUR 500 mn more headroom for Egypt, we\u2019re told.) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It will all come together to a \u201clarge comprehensive package,\u201d <\/strong>Madbouly said at the press conference, adding that the funding \u201cwill once again allow Egypt to be <strong>fiscally stable and carry on with its structural reforms<\/strong>.\u201d (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0362UEtfy1Di2E1TCSuWrv7bv18pzfm7x7vCUEkrYGZpK7WZkxwefRAqiE1am6CzZvl\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to read the full cabinet statement.) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As the IMF sees it: <\/strong>The expanded package \u201dseeks to preserve debt sustainability, restore price stability, and reinstate a well-functioning exchange rate system, while continuing to push forward deep structural reforms to promote private sector-led growth and job creation,\u201d Hollar said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It should also open the door more for the private sector: <\/strong>The reforms are also aimed at \u201cfostering an environment that enables private sector activity,\u201d according to Hollar \u2014 a move that will create jobs and attract fresh investment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the prime minister is saying: <\/strong>The agreement comes within the framework of a wider set of structural reforms that aim to increase FX reserves, reduce foreign and local debt, ensure the consistent flow of FDI over the coming period, see the economy achieve high growth rates, and reduce inflation, the prime minister explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BACKGROUND AND FINE PRINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war on Gaza also played a role in upping the package: <\/strong>Hollar cited the impact of the war on Gaza complicating macroeconomic challenges and its effect on tourism inflows and Suez Canal revenues as a reason behind its decision to nearly triple the size of the package \u2014 we had originally signed up for a USD 3 bn program, but it was effectively put on hold when we failed earlier to float the EGP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong><strong>Our first and second reviews are finally happening: <\/strong>The Fund and Egyptian authorities have reached a staff-level agreement \u201con the economic policies needed\u201d to complete the two delayed reviews of our USD 3 bn loan program, Hollar said. The reviews had been pending the Fund\u2019s approval that Egyptian policymakers had made sufficient efforts to reduce inflation and gradually move towards an inflation-targeting regime.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The IMF approved our 46-month USD 3 bn loan program back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c374319e-e849-44f6-bf5a-8179fb41caf5\" style=\"\" rel=\"noopener\">December 2022<\/a>, but we are yet to receive most of it after we time and time again fell short of complying with key conditions of the loan. <\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/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\/moustafa-madbouly\/\">Moustafa Madbouly<\/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=\"616561\" 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=\"616561\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/the-imf-says-we-promised-to-slow-down-spending-on-infrastructure\/\">\r\n                            The IMF says Egypt promised to slow down spending on infrastructure                        <\/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\" 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            \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/the-imf-says-we-promised-to-slow-down-spending-on-infrastructure\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/35.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616562\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/the-imf-says-we-promised-to-slow-down-spending-on-infrastructure\/35-jpg-31\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/35.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"35.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/35.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/35.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616561\" class=\"content-area-description single-story post-616561 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-budget-deficit tag-devaluation tag-economy tag-enterpriseam tag-imf tag-state-budget wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.f7e5c879-81dc-4b6d-b2a3-6c178bd60851.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>IMF mission chief for Egypt <\/strong><strong>Ivanna Hollar<\/strong><strong> says cabinet has pledged to slow spending on <\/strong><strong>infrastructure <\/strong>as part of a package to bring more discipline to how we manage fiscal policy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cabinet <\/strong><strong>agreed with the IMF to implement structural reforms that would also include \u201ca <\/strong><strong>new framework to slow down infrastructure<\/strong> spending, including projects that have so far operated outside regular budget oversight,\u201d Hollar explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A hard ceiling on public investment: <\/strong>The government will introduce a ceiling on public investment for FY 2024-25, where the total of all public investment spending \u2014 that includes all ministries, economic bodies, the Public Enterprise Ministry\u2019s companies, and state-owned companies \u2014 will not exceed GP 1 tn, according to Madbouly. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Putting words into action: <\/strong>A committee will be formed to oversee that the government abides by this decision to allow the private sector to lead the country\u2019s economic growth. \u201cThe goal for the state is that the private sector should be the largest contributor to the total investments,\u201d Madbouly said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Promises of fiscal prudence: <\/strong>\u201cThe authorities agreed to maintain fiscal prudence over the medium-term and step-up efforts to mobilize additional domestic revenues, including through the rationalization of tax exemptions as well as to use a substantial part of divestiture proceeds to reduce debt,\u201d Hollar said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could we get a bit more breathing room?<\/strong>Payments owed to the IMF under maturing facilities could, under certain conditions, be rescheduled in a bid not to put undue pressure on the EGP, two government sources told Enterprise.<\/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\/budget-deficit\/\">budget deficit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/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\/state-budget\/\">state budget<\/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=\"616563\" 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=\"616563\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/two-exchange-rates-is-a-disease-that-throws-things-out-of-balance-says-cbes-abdalla\/\">\r\n                            Two exchange rates is a \u201cdisease that throws things out of balance,\u201d says CBE\u2019s Abdalla                        <\/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\/2024\/03\/07\/two-exchange-rates-is-a-disease-that-throws-things-out-of-balance-says-cbes-abdalla\/\" target=\"_blank\">\n                    Open in new tab      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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/two-exchange-rates-is-a-disease-that-throws-things-out-of-balance-says-cbes-abdalla\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/648.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616564\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/two-exchange-rates-is-a-disease-that-throws-things-out-of-balance-says-cbes-abdalla\/648-jpg-27\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/648.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"648.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/648.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/648.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616563\" class=\"content-area-description single-story post-616563 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-devaluation tag-economy tag-egp tag-enterpriseam tag-foreign-exchange tag-hassan-abdalla wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.c09155ae-f6a2-4c9f-87ca-9de96eca4160.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Having tw<\/strong><strong>o exchange rates is akin to a \u201c<\/strong><strong>disease that throws things out of <\/strong><strong>balance,\u201d<\/strong> said Central Bank of Egypt (CBE) Governor Hassan Abdalla at a press conference yesterday evening (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Jn8wgjA13Es\" style=\"\" rel=\"noopener\">watch,<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Jn8wgjA13Es\" style=\"\" rel=\"noopener\">runtime<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Jn8wgjA13Es\" style=\"\" rel=\"noopener\">: 51:54<\/a>) following the bank\u2019s decisions to raise interest rates and float the EGP. The CBE also issued a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/637.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> after the press conference.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A<\/strong><strong> parallel market exchange rate before yesterday\u2019s moves was the result of \u201ca lack of <\/strong><strong>confidence in the <\/strong><strong>EGP<\/strong> or the management of cashflows,\u201d as well as a lack of confidence in what the path forward looked like, Abdalla said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While i<\/strong><strong>nflation is now on a downward trajectory<\/strong>, Abdalla said, it is expected to exceed the CBE\u2019s <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/monetary-policy\/inflation-target#inflationtargets\" style=\"\" rel=\"noopener\">targets<\/a> of 7% (\u00b1 2%) by 4Q 2024, according to the CBE statement.The CBE will announce a new target soon, and will not hesitate to use any tools in its arsenal to reach single-digit inflation in the medium term, Abdalla said at the IMF presser yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yesterday\u2019s moves are just the first steps:<\/strong> Reaching single-digit inflation rates isn\u2019t going to happen overnight, Abdalla noted, stressing that yesterday\u2019s interest rate hike and the decision to float the EGP are just the first steps. The rest of the path forward \u201cwill need work, not just from the central bank, but on the real economy,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Critically: \u201cWe\u2019re not targeting an FX price, we\u2019re targeting inflation,\u201d<\/strong>Abdalla said at the presser. Moving away from an economic policy centered on the exchange rate and towards \u201ca full-fledged inflation targeting policy\u201d is critical for a sustainable long-term view on the economy, IMF Executive Director Mahmoud Mohieldin <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/95244d09-9732-4b55-a548-f5fdf6178a91\" style=\"\" rel=\"noopener\">said earlier this week<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Can the CBE intervene in the market?<\/strong> The CBE will keep its finger off the scale and allow market dynamics to determine FX rates but \u2014 like any central bank \u2014 it can intervene at any point by making liquidity available in the interbank market \u201cif we see any abnormal fluctuations in the exchange rate, and now we have the resources to do so when needed,\u201d Abdalla added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For the record: The CBE didn\u2019t intervene in the market yesterday<\/strong>, Abdalla said. \u201cThere were media reports that the central bank intervened by injecting liquidity into the interbank system, but we didn\u2019t need to intervene. I can say proudly that all the resources that came in, came from the market,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The price of credit default swap contracts \u2014 which essentially reflect the cost of insuring <\/strong><strong>Egypt\u2019s debt \u2014 have plummeted to 2% from 27% annually<\/strong>, signaling renewed investor confidence in Egypt. Meanwhile, the cost of insuring our debt is now at 6% \u2014 cooling down from 25% earlier, Abdalla added. As a result, the foreign debt market is now accessible should we need it. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The central bank has enough FX reserves to cover its debt obligations and maintain a <\/strong><strong>surplus<\/strong>, Abdalla also said. It seems that ministries have already got the memo, with an unnamed government source telling <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/03\/07\/1772858\" style=\"\" rel=\"noopener\">Al Borsa<\/a> in a report published late last night that the Oil Ministry will pay USD 1-1.5 bn in arrears to international oil companies over the coming period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Businesses can sign forward contracts<\/strong> that enable them to lock an exchange rate for a certain period of time to hedge against any potential fluctuations in exchange rates. These contracts are already available in most of the Egyptian banks, Abdalla said.<\/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\/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\/devaluation\/\">devaluation<\/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\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/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=\"616565\" 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=\"616565\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/banks-roll-out-high-interest-rate-cds-ease-currency-controls-on-credit-cards\/\">\r\n                            Banks roll out high interest rate CDs, ease currency controls on credit cards                        <\/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 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/banks-roll-out-high-interest-rate-cds-ease-currency-controls-on-credit-cards\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/572.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616566\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/banks-roll-out-high-interest-rate-cds-ease-currency-controls-on-credit-cards\/572-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/572.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"572.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/572.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/572.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616565\" class=\"content-area-description single-story post-616565 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-banque-misr tag-bonds tag-cds tag-central-bank-of-egypt tag-devaluation tag-egx tag-enterpriseam tag-foreign-exchange tag-gold tag-inflation tag-interest-rates tag-national-bank-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.796a584f-ad29-494e-9901-80a72bbb7c52.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The nation\u2019s banks got clear instructions yesterday from the central bank: <\/strong>Start easing restrictions as quickly as each bank is individually able to do so as we transition to a new normal. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Here\u2019s how that played out:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- New high-interest CDs: <\/strong>State-owned Banque Misr and National Bank of Egypt have rolled out high-interest certificates of deposit (CDs) (<a target=\"_blank\" href=\"https:\/\/www.nbe.com.eg\/NBE\/E\/#\/EN\/ProductDetails?inParams=%7B%22CategoryID%22%3A%22LocalCertificatesID%22%2C%22ProductID%22%3A%22Platinum%20Certificate%20With%20Annual%20Step%20Down%20Interest_18827%22%7D\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/520.pdf\" style=\"\" rel=\"noopener\">here, pdf<\/a>). The three-year CDs carry a declining rate, offering buyers an annual payment of 30% for the first year, 25% for the second year, and 20% for the third year, or quarterly or monthly payouts at reduced annual rates. Quarterly payouts start at a 27% annual rate, declining 400 bps each year, while monthly payouts start at 26% and decline 350 bps each year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: The two banks in January <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca07962e-49c3-4cb5-ab1d-89a6443c7602\" style=\"\" rel=\"noopener\">introduced<\/a><\/strong><strong> then-record high CDs with yields up to 27% <\/strong><strong>in January<\/strong> to reel in liquidity after CDs worth around EGP 500 bn matured. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>FX spending limit revisited: <\/strong>TheCBE told banks they can ease over time limits on foreign-currency transactions, a senior banker tells us. The central bank is leaving each institution to ease restrictions at its own pace. The CBE is also allowing banks to ease curbs on the use of EGP credit cards for FCY-transactions in Egypt. It remains unclear when it will scrap limits on the use of EGP debit cards abroad.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Black market no more?<\/strong> FX trading on the black market <a target=\"_blank\" href=\"https:\/\/twitter.com\/CNBCArabia\/status\/1765308455449932198\" style=\"\" rel=\"noopener\">came to a halt<\/a> yesterday, signaling that the central bank achieved one of its main goals with the recent wave of reforms. <strong>The parallel market is \u201con its way to disappearing completely,\u201d<\/strong> Banque Misr Chairman Mohamed El Etreby said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=x0X9Aq2LVcw\" style=\"\" rel=\"noopener\">watch, runtime: 4:35<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Import backlog to ease:<\/strong> Banks exchanged more than USD 1 bn via the interbank market yesterday to cover backlogged requests to fund the imports of basic commodities. Importers of strategic and critical goods should see relief first, one of the nation\u2019s most senior private-sector bankers tell us. \u201cWe will prioritize importers of food, medicine and the like \u2014 the idea is to get critical stuff out of ports as soon as possible and then move on to production inputs and everything else in the backlog.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Estimates of the size of the backlog vary wildly depending on who you talk with<\/strong>, but we think it\u2019s in the range of USD 6-8 bn when you exclude duplicate orders and other distortions. Prime Minister Mostafa Madbouly has <a target=\"_blank\" href=\"https:\/\/twitter.com\/Extranewstv\/status\/1765296258070024298?s=20\" style=\"\" rel=\"noopener\">signaled that the release of goods<\/a> from ports is a priority. <\/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\/banking\/\">banking<\/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\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cds\/\">CDs<\/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\/devaluation\/\">devaluation<\/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\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/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=\"616567\" 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=\"616567\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/what-to-watch-for-next-inflows-and-cooling-inflation-top-the-list\/\">\r\n                            What to watch for next: Inflows and cooling inflation top the list                        <\/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\/2024\/03\/07\/what-to-watch-for-next-inflows-and-cooling-inflation-top-the-list\/\" 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 end of the FX shortage should also increase the supply of goods, leading to competition that will help drive prices down, Ezz added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- More FDI: <\/strong>Expect foreign investments to pour in over the next few months, as many investors \u2014 including those within the state privatization program \u2014 had been holding off inking any binding agreements before the float of the EGP, Ezz added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Fuel prices to increase: <\/strong>The government\u2019s fuel pricing committee could meet today after a two-month hiatus and raise fuel prices by more than 10%, Cairo Capital Securities Chief Economist Hany Genena told Al Arabiya (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Ku0CRmMJed8\" style=\"\" rel=\"noopener\">watch, runtime: 4:21<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Remittance recovery? <\/strong>Remittances were <a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=17022024&id=b257be58-013c-48b8-ad7b-21b390d5cbd9\" style=\"\" rel=\"noopener\">down 30% y-o-y in 2023<\/a> asEgyptians abroadheld onto their money or sent it back through parallel mechanisms. The government said it wants to raise remittances \u2014 one of Egypt\u2019s biggest sources of FX \u2014 from Egyptian expats <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63475988-4cb4-4a7f-8124-9a9bc5677029\" style=\"\" rel=\"noopener\">by 10% each year<\/a> to reach USD 53 bn by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- <\/strong><strong>When can we expect the MPC to meet next? <\/strong>The central bank\u2019s Monetary Policy Committee is scheduled to meet on Thursday, 28 March. It so far remains unclear whether yesterday\u2019s extraordinary meeting could mean a change of plans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- A new cabinet lineup? <\/strong>\u201cInvestors and the business community will be looking to see who sits on the cabinet economic team when we see a new government formed [after the start of President Abdel Fattah El Sisi\u2019s next term in office]. Policy stability will be key. It\u2019s not just about the monetary piece of the puzzle,\u201d our friend Mohamed Abu Basha, managing director and head of macroeconomic analysis at EFG Hermes, told us yesterday.<\/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\/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\/devaluation\/\">devaluation<\/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\/foreign-exchange\/\">foreign exchange<\/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\/remittances\/\">remittances<\/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=\"616569 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"616569\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/616569\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616569\" class=\"content-area-description single-story post-616569 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.global\/en\/locations\/Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/674.png?ssl=1\"><\/a><\/span><\/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<section id=\"616570\" 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=\"616570\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/back-on-the-right-track-what-the-pundits-are-saying\/\">\r\n                            Experts, analysts\u2019 two cents on the CBE\u2019s decisions                        <\/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\/2024\/03\/07\/back-on-the-right-track-what-the-pundits-are-saying\/\" 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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What\u2019s more important than an attractive exchange rate is the availability of FX liquidity, he added, explaining that yesterday\u2019s decisions \u201cwill bring back FX liquidity, which will curb inflationary pressures.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The end of arbitrary pricing:<\/strong> \u201cThere had been a lot of inconsistencies in pricing in recent months, and there was plenty of exaggeration in the pricing of essential commodities in particular,\u201d Al Gioshy Steel chairman Tariq Al Gioshy said (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=dsZsbV-hPco\" style=\"\" rel=\"noopener\">watch, runtime: 5:35<\/a>). Prices are broadly expected to cool now that industries know how to approach their pricing based on the USD rate. <\/p>\n<p class=\"tag-border-left\">ON THE BANKING FRONT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some banks <\/strong><strong>may have to increase their capital to meet the CBE\u2019s capital requirements<\/strong>, EG Bank board member Mohamed Abdel Aal told Enterprise. \u201cIt\u2019s hard to tell where the price of the EGP will stabilize, but with sufficient FX liquidity in local banks to meet demand, there won\u2019t be a big impact on banks\u2019 capital adequacy ratio,\u201d he added. If that doesn\u2019t happen, then some banks will probably have to increase their capital to meet requirements, Abdel Aal said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More needs t<\/strong><strong>o be done: <\/strong>\u201cUnifying the exchange rate and speeding up the implementation of the state privatization program will help attract FDI and improve rating agencies\u2019 outlook for the Egyptian economy \u2014 but there\u2019s more to be done to reap the benefits of these decisions,\u201d Abdel Aal said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The banking sector is sitting pretty: <\/strong>\u201cThe banking sector is among the biggest beneficiaries of the interest rate increase,\u201d HC Securities said in a note seen by Enterprise. \u201cThe interest rate hike will increase the weighted average cost of capital for companies listed on the Egyptian stock exchange, reducing their valuations. However, the impact will vary from sector to sector,\u201d the note said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t count out the EGX, though: <\/strong>While high-yield CDs will compete with equities for attention in the coming days, HC expects \u201cthe anticipated economic improvements will have a positive impact on stocks after the market absorbs\u201d recent policy changes. <\/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\/banking\/\">banking<\/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 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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=\"616574\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/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\/2024\/03\/07\/pundits-press-take-stock-of-surprise-full-float-i-think-the-crisis-is-over-says-fims-robertson\/\">\r\n                            The float didn\u2019t just make the headlines at home                        <\/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 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/260.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616575\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/pundits-press-take-stock-of-surprise-full-float-i-think-the-crisis-is-over-says-fims-robertson\/260-jpg-35\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/260.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"260.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/260.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/260.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616574\" class=\"content-area-description single-story post-616574 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-devaluation tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.310045f1-5835-4cf3-87a9-ed2c22f73b51.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The foreign press were taken by surprise just as much as us<\/strong>, and jumped on the phone with analysts to try and figure out what\u2019s in stock for the country. Bloomberg <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-06\/egypt-gets-breakthrough-imf-deal-to-lift-loan-size-to-8-billion?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">led with the headline<\/a> that \u201cEgypt\u2019s shock rate unlocks USD 8 bn IMF Loan\u201d and the the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/egypt-makes-surprise-economic-reforms-demanded-by-imf-investors-34c6d41a?mod=Searchresults_pos3&page=1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> wrote that while they expected a devaluation, \u201cthe announcement of a complete free float \u2014 and its timing on Wednesday \u2014 was a surprise.\u201d Big name analysts were also caught off guard, with Goldman Sachs economist Farouk Soussa saying that \u201cthe big surprise of the day was the mega hike, which over-delivered and has boosted confidence in the market,\u201d in a separate report by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-06\/egypt-unexpectedly-hikes-interest-rate-to-27-25?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cI think the crisis is over,\u201d<\/strong> FIM Partner\u2019s macro strategy head Charlie Robertson told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/155edd32-f611-4b33-b5bb-0d1b19010ddd\" style=\"\" rel=\"noopener\">Financial Times<\/a>. Similarly optimistic was Societe Generale emerging markets strategist Gergely Urmossy in a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-06\/egypt-unexpectedly-hikes-interest-rate-to-27-25?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> piece, saying that in the absence of a hard peg, \u201cEgypt\u2019s outlook will improve.\u201d There was even excitement from some corners, with Aviva analyst Carmen Altenkirch saying <strong>\u201cthe devaluation has got the market very excited.\u201d<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sole note of negativity: <\/strong>Bloomberg and the WSJ both raised concerns that the float could fuel inflation, though most analysts we\u2019ve spoken to expect the impact to be muted at worst \u2014 goods now in the country were priced with the USD at an effective exchange rate of about 70.<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616576\" 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=\"616576\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/\">\r\n                            Nilus gets the go-ahead from cabinet to build two towers on former NDP HQ                        <\/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\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/\" 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\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/')\">\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\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/\">\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=Nilus to to build two commercial, residential towers on former NDP HQ&url=https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/\">\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\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/&title=Nilus to to build two commercial, residential towers on former NDP HQ\">\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=Nilus+to+to+build+two+commercial%2C+residential+towers+on+former+NDP+HQ+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F03%2F07%2Fnilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq%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\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/397.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616577\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/397-jpeg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/397.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"397.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/397.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/397.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616576\" class=\"content-area-description single-story post-616576 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-construction tag-enterpriseam tag-nilus-for-hotel-and-commercial-services tag-nilus-for-residential-services tag-privatization-watch tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.54d0adf5-07ba-4dd4-b262-7ee35fe5fa90.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t sets the wheels in motion on the first post-float privatization project: <\/strong>Cabinet has given <a target=\"_blank\" href=\"https:\/\/bit.ly\/45AD9Rr\" style=\"\" rel=\"noopener\">Nilus Hotel and Commercial Services<\/a> and <a target=\"_blank\" href=\"https:\/\/bit.ly\/45mtL3v\" style=\"\" rel=\"noopener\">Nilus Residential Services<\/a> approval to build two commercial and residential towers on the National Democratic Party\u2019s (NDP) former headquarters, according to a decision published in the Official Gazette. The two projects, reportedly worth a combined <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">USD 5 bn<\/a>, are due for completion in 2Q 2028.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In detail: <\/strong>Nilus Hotel and Commercial Services is set to build a 75-story hotel, commercial, and administrative tower, while Nilus Residential Services will build a 50-story residential tower that includes 446 luxury housing units.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government in August ordered the transfer of the 16.6k sqm land plot from the Sovereign Fund of Egypt\u2019s (SFE) tourism sub-fund to the two companies. The firms appear to be established for the NDP redevelopment project, which is one of several landmark projects aimed at developing old buildings in central Cairo and making the area more attractive for investments.<\/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\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nilus-for-hotel-and-commercial-services\/\">Nilus for Hotel and Commercial Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nilus-for-residential-services\/\">Nilus for Residential Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"616578\" 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=\"616578\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/contact-financials-net-income-rose-14-y-o-y-in-2023\/\">\r\n                            Contact Financial\u2019s net income rose 14% y-o-y in 2023                        <\/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\/2024\/03\/07\/contact-financials-net-income-rose-14-y-o-y-in-2023\/\" 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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New financing in auto loans was up 93% y-o-y, while new financing in its consumer finance segment grew 41% y-o-y. <\/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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/contact-financial\/\">Contact Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/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=\"616580\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"616581\" class=\"issue-section markets\">\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=\"616581\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/planet-finance-breathes-a-sign-of-relief\/\">\r\n                            Planet Finance breathes a sign of relief as CBE takes action, gov\u2019t lines up USD 8 bn IMF facility                        <\/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\/2024\/03\/07\/planet-finance-breathes-a-sign-of-relief\/\" 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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Local traders reallocated, while a handful of more adventurous foreign investors have started taking positions in the local market as they look to get exposure to high-yield instruments. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The EGX30 fell 3% at yesterday\u2019s close<\/strong>, ending the day in the red after rising as much as 5% in intraday trading before paring back its gains. Many investors had bought into equities as a hedge against an EGP worth 65 or more to the greenback. This is investors taking profits. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key thing to remember: <\/strong>The EGX30 just got much more attractive in USD terms to foreign portfolio investors.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Bonds soar: <\/strong>Egypt\u2019s USD-denominated debt \u2014 especially longer-dated bonds \u2014 <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-raises-interest-rates-by-600-bps-pound-tumbles-2024-03-06\/\" style=\"\" rel=\"noopener\">surged on<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-raises-interest-rates-by-600-bps-pound-tumbles-2024-03-06\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-raises-interest-rates-by-600-bps-pound-tumbles-2024-03-06\/\" style=\"\" rel=\"noopener\">the<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-raises-interest-rates-by-600-bps-pound-tumbles-2024-03-06\/\" style=\"\" rel=\"noopener\">news<\/a>, with those maturing in 2047 gaining as much as 3.7 cents during trading, narrowing the yield spread between Egyptian USD bonds and US treasuries to its narrowest margin since June 2021. The country\u2019s 2047 bonds ended the day trading up nearly 3% at 82.7 cents. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Gol<\/strong><strong>d rush:<\/strong> The price of 24 karat gold surged almost 15% to EGP 3,657 per gram.<\/p><p><a target=\"_blank\" id=\"t.7d6db83967fde3ce4fc4ef650d442e5fc558c56b\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">29,743<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.0% (YTD: +19.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 49.43<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 49.57<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD at<\/strong><strong>CIB<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 50.5<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 50.6<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,562<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,225<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -3.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,248<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,105<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,679<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,915<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 82.91<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.93<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,158.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 66,398.66<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+5.0% (YTD: +57.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\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                      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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/my-morning-routine-seif-sherif-co-founder-of-double-dribble-league\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2041.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"616583\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/my-morning-routine-seif-sherif-co-founder-of-double-dribble-league\/2041-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2041.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2041.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2041.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2041.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616582\" class=\"content-area-description single-story post-616582 post type-post status-publish format-standard has-post-thumbnail hentry category-my-morning-routine tag-double-dribble-league tag-enterpriseam tag-my-morning-routine tag-seif-sherif tag-sports wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.6a419944-b0ac-4163-9c4d-1a75c6a2cfd8.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Seif <\/strong><strong>Sherif<\/strong><strong>, co-founder of Double Dribble League: <\/strong>Each week, My Morning Routinelooks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun. Speaking to us this week is Seif Sherif (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/seif-sherif-abdel-azim-3655a451\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), co-founder of <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/ddleagues\/?hl=en\" style=\"\" rel=\"noopener\">Double Dribble League<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My name is Seif <\/strong><strong>Sherif<\/strong><strong> and I am the co-founder of Double Dribble League (DDL), Egypt\u2019s<\/strong><strong>first amateur basketball league. <\/strong>The idea for the league came after my group of friends and I, who grew up playing basketball together and in clubs, retired [from the sport] when we hit our mid-20s. We realized that we missed the competition and the team spirit of the sport, so the idea emerged to create a league for retired amateur players. Since we\u2019d all grown up watching the NBA and European basketball leagues and dreamed of playing in a similar atmosphere, we wanted the league to encompass all of what we saw on TV \u2014 good courts, international referees, cameras, videographers, and social media coverage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We play year round:<\/strong> We found that the demand is huge. Since 2021, we have held threeseasons of the Men\u2019s Double Dribble League and last year we introduced the Women\u2019s Double Dribble League, plus we also run a Ramadan tournament. Every season is about development and new products, our players expect everything to be perfect and have a lot of requests. This helps us to develop the leagues with every passing year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019m a tea person, so the first thing I do when I wake up around 7am <\/strong>is drink a cup whilereading my emails and the morning edition of Enterprise Egypt, as well as the UAE and Saudi editions. Then, I stretch before heading into work. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>During the day I\u2019m an investment banker.<\/strong> I\u2019m in the office at 9am and try to leave at 7:30pmat the latest, unless I\u2019m in the middle of a transaction. Before covid, the days of an investment banker used to be very long, but after the pandemic the hours became much better. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My evenings are for the league. <\/strong>My DDL day begins at 8pm with phone calls with my partners.The flow of work depends on whether we\u2019re in the period before a league kicks off or in the middle of the season. Before a season begins, my responsibilities include targeting and pitching to sponsorship partners, meeting with potential venue operators, and planning the schedule for the whole league ahead. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>During the season, we oversee all the match operations <\/strong>to make sure everything goesaccording to plan \u2014 but it\u2019s an easy task as we are a team of seven and everyone knows their role. Matches take place on a Friday and then on Saturdays we have a morning meeting to plan for the week ahead. On Thursdays, I review the social media content our designer has created, like match highlights and pictures before they\u2019re published.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DDL tries to raise the bar: <\/strong>We make jerseys for each team and every player has a profilecontaining their statistics and highlights. We bring in photographers and videographers for the games. The new generation of players \u2014 the young guys \u2014 are looking for the extra stuff, they want to have good photos and content for their social media profiles. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Work begins a month or two before a league\u2019s season kicks off:<\/strong> The last season \u2014 themen\u2019s league \u2014 started in October and ran every Friday for fifteen weeks. We open team applications a month prior and require that every team signs up with a minimum of 15 players. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the court: <\/strong>I\u2019m at matches every single week of a season to make sure they run smoothly.The last time I had a Friday off was in October last year, but I\u2019m very happy doing it so I don\u2019t feel like I\u2019m missing out on anything. This year, I\u2019ve been coaching instead of playing \u2014 I\u2019ve been recovering from a back injury for the past six months. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I try to have a work-life balance and plan something fun every day<\/strong> \u2014 I watch a movie or goout with friends and before my injury I played basketball, football, and padel. It makes the workday much better. I sleep around midnight but sometimes there are NBA matches on, which due to the time difference means I catch the game at 4am and then go to work. My favorite team is the Dallas Mavericks \u2014 I like an underdog. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Planning ahead keeps me focused.<\/strong> I need to prepare and write everything down becauseboth of my jobs are very detail oriented. I try to keep both jobs separate, so that when I\u2019m working as an investment banker, I\u2019m not focusing on the league, even though sometimes I\u2019m very excited about DDL and ideas start flowing while I\u2019m at my day job.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead, we want to grow <\/strong><strong>DDL\u2019s<\/strong><strong> capacity:<\/strong> We hope that next year we can operateDDL leagues at two destinations in Cairo with ten teams playing in each. We are also considering introducing school, university, or academy leagues. I\u2019m very optimistic about our next steps.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My uncle once shared with me a quote from legendary US basketball coach John<\/strong><strong>Wooden <\/strong>\u2014 \u201cfailing to prepare is preparing to fail.\u201d I have this written in front of me on my desk to remind me to prepare for anything as much as I can. I also try to remember to have fun and not to stress so much over things. At the end of the day everything passes and any failure is temporary. <\/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\/double-dribble-league\/\">Double Dribble League<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/seif-sherif\/\">Seif Sherif<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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=\"616584\" 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\/2024\/03\/07\/616584\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-616584\" class=\"content-area-description single-story post-616584 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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MARCH<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-7 March (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/18thoneonone.efghermes.com\/\" style=\"\">EFG Hermes One on One conference<\/a><\/span><span style=\"font-weight:400;\">, JW Marriott Hotel Marina, Dubai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 March (Thursday): Deadline to apply to Shalateen Mining Company\u2019s international gold exploration tender. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10 March (Sunday): First day of Ramadan (TBC). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20 March (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a48ac77-0c93-4364-bc1f-c6abf5bea2ed\" style=\"\">End of sugar export ban<\/a><\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 March (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28 March (Thursday): Industrial Development Authority to close <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid02J4KNxR2XLbhHERHZFPbrXTsL3mxqagWTK26w7XdwT6UDnSN6iuNQZXq4rdvgZDp4l\" style=\"\">applications<\/a><\/span><span style=\"font-weight:400;\"> for 1 mn sqm of land in 10 different governorates. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 March (Friday): Egypt removed from JPMorgan Chase\u2019s Emerging Local Markets Index Plus.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 April (Monday): Deadline to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec344c3-9e08-4b6a-9656-143e62bbf536\" style=\"\">bid for 23 blocks<\/a><\/span><span> in an international oil and gas tender.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9 April (Tuesday): Eid El Fitr (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-21 April (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/annual-meetings\/FutureMeetings.html\" style=\"\">The IMF \/ World Bank Spring Meetings<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabia-host-world-economic-forum-meeting-april-2024-01-18\/\" style=\"\">meeting<\/a><\/span><span style=\"font-weight:400;\"> on \u2018global collaboration, growth, and energy.\u2019<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 April (Monday): The government\u2019s car export scheme expires.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">5 May (Sunday): Coptic Easter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 May (Monday): Sham El Nessim (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 May (Wednesday): Virtual launch of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.chicagobooth.edu\/executiveeducation\/programs\/management\/executive-program-el-gouna\" style=\"\">Chicago Booth Executive Program<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 June (Sunday): June 30 Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 July (Sunday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">18 July (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23 July (Tuesday): Revolution Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 September (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.airport-technology.com\/sponsored\/dates-announced-for-egypt-international-airshow-2024\/\" style=\"\">Egypt International Airshow<\/a><\/span><span style=\"font-weight:400;\">, El Alamein International Airport.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">5 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September (Sunday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank\u2019s (AIIB) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aiib.org\/en\/news-events\/events\/annual-meetings\/2024\/index.html\" style=\"\">2024 annual meeting<\/a><\/span><span style=\"font-weight:400;\">, Samarkand, Uzbekistan.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17 October (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-27 October (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/annual-meetings\/FutureMeetings.html\" style=\"\">The World Bank and IMF annual meetings<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">January 2024: The Red Sea Ports Authority is set to finalize an agreement with the Abu Dhabi Ports Group for the operation and maintenance of the tourist passenger terminal in the Sharm El Sheikh Sea Port.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">February 2024: Egypt will sign a USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>February 2024: Funds from the Islamic Development Bank for the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fbed47f-67d7-4a25-ac45-4dc2dccce283\" style=\"\">high speed electric railway<\/a><\/span><span style=\"font-weight:400;\"> will get the sign off. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">April 2024: President Abdel Fattah El Sisi will visit Turkey.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1Q 2024: Egyptian-Qatari Joint Supreme Committee.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>February-May: The Grand Egyptian Museum could officially <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/737b1347-f02b-4ee0-87c1-032c0c858611\" style=\"\">open to visitors<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>March 2024: The USD 2.7 bn MIDOR Refinery is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/tinyurl.com\/4s6pbedj\" style=\"\">set to begin<\/a><\/span><span style=\"font-weight:400;\"> full operations. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">May 2024: Arab Finance Ministers\u2019 meeting at Egypt\u2019s administrative capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>June 2024: Gov\u2019t expects to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cfdc99d8-291f-4b7c-8af8-8e1cccc74de5\" style=\"\">finalize sale<\/a><\/span><span style=\"font-weight:400;\"> of Beni Suef combined-cycle power plant.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2024: Gov\u2019t expects to finalize sale of four water desalination plants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1H 2024: The European Union is set to hold an investment conference in Egypt during spring.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2024: Gov\u2019t to launch the Cairo Ring Road BRT buses.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2Q 2025: Safaga Terminal 2 to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/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":"<p>CBE goes for full float, 600 bps rate hike | IMF says we promised to slow infrastructure investment | \u201cI think the crisis is over\u201d \u2013FIM\u2019s Robertson<\/p>\n","protected":false},"featured_media":616553,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-616552","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"57bdc01b-b73d-4465-a697-94b01c258ae2","teaser":"CBE goes for full float, 600 bps rate hike | IMF says we promised to slow infrastructure 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