{"id":548876,"date":"2022-08-25T04:00:15","date_gmt":"2022-08-25T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/this-morning-abdallas-first-week-as-cbe-governor-egypts-second-regional-climate-roundtable-takes-place-today\/"},"modified":"2022-08-25T04:00:15","modified_gmt":"2022-08-25T04:00:15","slug":"this-morning-abdallas-first-week-as-cbe-governor-egypts-second-regional-climate-roundtable-takes-place-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/this-morning-abdallas-first-week-as-cbe-governor-egypts-second-regional-climate-roundtable-takes-place-today\/","title":{"rendered":"THIS MORNING: Abdalla's first week as CBE governor + Egypt's second regional climate roundtable takes place today"},"content":{"rendered":"<p><strong>Good morning, friends, and happy FRIDAY to you all. <\/strong>The banking sector and our ongoing FX crunch are the big story here at home as we prepare to slide into one of the final weekends of summer.<\/p>\n<p><strong>Central Bank of Egypt Governor Hassan Abdalla closed out his first full week on the job <\/strong><strong>yesterday<\/strong>, holding a meeting with senior bankers. The gathering was more about sending the right message (essentially, \u201cWe\u2019re all in the same boat, so let\u2019s work together\u201d) rather than to go deep on the current macro challenges, including the FX crunch, though the availability of foreign exchange featured prominently in the sit-down.<\/p>\n<p><strong>Abdalla also appointed two veteran private-sector bankers as top advisors<\/strong>, including former CIB Chairman and MD Hisham Ezz Al Arab.<\/p>\n<p><strong>The story is getting prominent coverage in the domestic press<\/strong> (<a href=\"https:\/\/hapijournal.com\/?p=203572\">here<\/a> and <a href=\"https:\/\/bit.ly\/3wvlnPL\">here<\/a>) and featured prominently on last night\u2019s talk shows.<\/p>\n<p><strong>MEANWHILE- For importers, hope springs eternal: <\/strong>Abdalla\u2019s meeting with bank bosses, an unconfirmed report about an banks conducting an \u201cinventory\u201d of FX needs for the coming 9 months, and a government statement have stoked expectations that import restrictions could be eased. We think the story is overblown.<\/p>\n<p>^^ We have more detail and analysis on all of this in this morning\u2019s news well, below.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><strong>The second Egypt- and UN-led <\/strong><strong><a href=\"https:\/\/climatechampions.unfccc.int\/uns-global-climate-investor-roadshow-kicks-off-in-africa\/\">regional climate roundtable<\/a><\/strong><strong> takes place in Bangkok:<\/strong> The <a href=\"https:\/\/www.unescap.org\/events\/2022\/asia-pacific-forum-catalyzing-climate-finance-and-investment-flows-ramp-climate-action\">one-day event<\/a> will see climate negotiators from the Asia-Pacific region discuss climate finance with private- and public-sector stakeholders ahead of the COP27 summit in November. This is the second of five regional roundtables being organized by Egypt and the UN. The first took place in Ethiopia last month.<\/p>\n<p><strong>The Madbouly government will hold consultations with stakeholders in the water sector <\/strong><strong>on its privatization strategy.<\/strong> The government is holding workshops and consultations with stakeholders from different industries every Sunday, Tuesday, and Thursday on its privatization plans. You can find more details on the schedule of the meetings <a href=\"http:\/\/eparticipation.idsc.gov.eg\/?fbclid=IwAR0roLUuQGFnSW2sa39MgFCj0jUqiG6_A-_Kya6SN4IhBJNhIqbHzMv5wdw\">here<\/a>.<\/p>\n<p><strong>The big central bank meet at Jackson Hole starts:<\/strong> Fed chairman Jerome Powell will deliver a speech on Friday and investors will be keeping a close eye for hints about how far the central bank could raise rates when it next meets in September. Shares in Europe and the US ended a recent run of losses yesterday, ending yesterday\u2019s trading session marginally in the green ahead of Powell\u2019s speed.<\/p>\n<p><strong>Asian markets are mainly in the green this morning <\/strong>and futures suggest shares in Europe and the US will see early gains later today.<\/p>\n<p class=\"web-image\"><a href=\"#\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Climate-Teaser-1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p><strong>THE BIG STORY ABROAD- On the front pages of the global press this morning:<\/strong><\/p>\n<p><strong>#1- Biden\u2019s latest play to salvage the midterms is everywhere in the US media this <\/strong><strong>morning<\/strong> after the president yesterday pledged to forgive up to USD 20k in student debt for tens of mns of Americans. (<a href=\"https:\/\/www.wsj.com\/articles\/biden-to-announce-student-loan-forgiveness-plan-11661331600?mod=hp_lead_pos1\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-24\/biden-set-to-freeze-student-loan-repayments-for-four-more-months\">Bloomberg<\/a> | | <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-expected-cancel-student-loans-millions-us-borrowers-wednesday-2022-08-24\/\">Reuters<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/08\/24\/biden-student-loan-forgiveness-new-proposal-cuts-payments-in-half.html\">CNBC<\/a> | <a href=\"https:\/\/www.ft.com\/content\/1e78e730-c7d8-4041-95ce-b682755bc2ef\">Financial Times<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/08\/24\/business\/student-loan-debt-relief-inflation.html\">New York Times<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/education\/2022\/08\/24\/biden-student-loan-cancellation\/?itid=hp-top-table-main\">Washington Post<\/a>)<\/p>\n<p><strong>#2- Ukraine latest:<\/strong> The war in Ukraine has been elevated back to the front pages this morning as the global press marks the 31st anniversary of Ukrainian independence. A Russian missile strike in Eastern Ukraine left 22 dead and dozens wounded yesterday. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-girds-more-violence-independence-day-wars-six-month-mark-2022-08-23\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/ukraine-marks-subdued-independence-day-with-charred-russian-vehicles-11661339352?mod=hp_lead_pos7\">WSJ<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/08\/24\/world\/ukraine-russia-war-news\">NY Times<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-europe-62666188\">BBC<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-kyiv-moscow-3507728aeaf8ebfc68a1cdbd3aa8c30e\">AP<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2022\/aug\/24\/at-least-15-killed-in-russian-strike-on-rail-station-on-ukraines-independence-day\">The Guardian<\/a>)<\/p>\n<table class=\"subscribe-button\" style=\"border-spacing: 0; border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" border=\"0\" width=\"98%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 20px; padding-top: 20px; border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" align=\"center\">\n<table style=\"border-spacing: 0; border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td style=\"border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" align=\"center\">\n<table style=\"width: 220px; border-spacing: 0; border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"button1\" style=\"border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0; background-color: #299a0b; -moz-border-radius: 4px; -webkit-border-radius: 4px; border-radius: 4px; word-break: break-word; word-wrap: break-word;\" align=\"center\"><a style=\"display: block; font-family: Arial, sans-serif; font-size: 14px; color: #ffffff; font-weight: bold; line-height: 16px; text-decoration: none; text-align: center; background-color: #299a0b; background-image: none; background-repeat: repeat; background-position: top left; background-attachment: scroll; -moz-border-radius: 4px; -webkit-border-radius: 4px; border-radius: 4px; padding: 10px; border: 1px solid #299a0b;\" href=\"https:\/\/enterprise.press\/subscribe\/\">Subscribe to Enterprise<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>iSHEEP, Assemble: The launch event for the iPhone 14 will take place on 7 <\/strong><strong>September at 1pm ET (or 7pm CLT)<\/strong>, Apple announced in invitations to journalists yesterday, according to <a href=\"https:\/\/www.theverge.com\/2022\/8\/24\/23310522\/apple-iphone-14-event-announcement-date-time-september-2022\">the Verge<\/a>. You can catch the event on livestream <a href=\"https:\/\/ent.news\/2022\/8\/CarlosGonzalezCEMEX1600px.jpg\">here<\/a>.<\/p>\n<p><strong>PSA #1- Climate tech entrepreneurs have one month to apply to the global <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2b863eb-488f-4cbc-9ca3-94b927d4f1f5\">ClimaTech<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2b863eb-488f-4cbc-9ca3-94b927d4f1f5\">Run<\/a><\/strong><strong> competition: <\/strong>Tech startups that address climate and environmental issues have until 22 September to <a href=\"https:\/\/climatechrun.com\/?fbclid=IwAR0fnMqC5PY-a7GTlm7SsFZoBXUiNGMTSRu7vkGJuUL_e8WUo-dyOJdIxZk\">apply for the competition<\/a>, which offers startups a top award of USD 100k and the chance to present their product at COP27, according to a<a href=\"https:\/\/bit.ly\/3ADjN0O\">cabinet statement<\/a>. The competition is hosted by USAID-backed <a href=\"https:\/\/www.usaid.gov\/egypt\/economic-growth-and-trade\">Business Egypt<\/a> and backed by the international cooperation, environment and communication ministries.<\/p>\n<p><strong>PSA #2- Your deadline to catch a 65% break off late payment fines for your taxes is coming up <\/strong><strong>next Wednesday, 31 August.<\/strong> The waiver applies to late payment fees for customs tariffs, income, real estate, and sales taxes, VAT, and stamp duties among others. The remaining 35% of your due payments will need to be paid before next March.<\/p>\n<p><strong>FURTHER DOWN THE ROAD- Egypt and Tunisia could sign an MoU to cooperate <\/strong><strong>on solar power projects in the next two months<\/strong>, when a Tunisian delegation is expected to visit Egypt, <a href=\"https:\/\/bit.ly\/3CyC0hl\">Al Borsa<\/a> quotes sources in the know as saying.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends, and happy FRIDAY to you all. The banking sector and our ongoing FX crunch are the big story here at home as we prepare to slide into one of the final weekends of summer. Central Bank of Egypt Governor Hassan Abdalla closed out his first full week on the job yesterday, holding [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[184,7286,228,72,349,151,587,351,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548876","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-apple","tag-climate","tag-cop27","tag-enterpriseam","tag-interest-rates","tag-renewables","tag-state-privatization-program","tag-tunisia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2fda8968-8c49-4b86-8f23-155c5bd9dbd0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[548874],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: Abdalla&#039;s first week as CBE governor + Egypt&#039;s second regional climate roundtable takes place today - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/this-morning-abdallas-first-week-as-cbe-governor-egypts-second-regional-climate-roundtable-takes-place-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Abdalla&#039;s first week as CBE governor + Egypt&#039;s second regional climate roundtable takes place today\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and happy FRIDAY to you all. The banking sector and our ongoing FX crunch are the big story here at home as we prepare to slide into one of the final weekends of summer. 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The banking sector and our ongoing FX crunch are the big story here at home as we prepare to slide into one of the final weekends of summer. 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Plus: There\u2019s a whole lot of energy chatter in the international press","author":"enterpriseam admin","date":"24 August 2022","format":false,"excerpt":"Good afternoon, wonderful people, and happy almost-THURSDAY. There are some interesting developments happening here in Omm El Donia that we\u2019re keeping an eye on today as we wait to see how things pan out.THE BIG STORY TODAY Central Bank of Egypt Governor Hassan Abdalla is meeting with Trade and Industry\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":670048,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/banks-are-loosening-up-fx-restrictions-as-abdalla-nears-end-of-current-term\/","url_meta":{"origin":548876,"position":1},"title":"Banks are loosening up FX restrictions as Abdalla nears end of current term","author":"enterpriseam admin","date":"13 August 2025","format":false,"excerpt":"Higher reserves from tourism, remittances, exports, and portfolio investments are giving lenders room to cut markups and loosen restrictions on overseas card use","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1944.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579939,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/this-evening-the-central-bank-of-egypt-is-looking-at-a-lot-of-options-to-bring-in-fx-protests-in-china-over-covid-zero-trudge-on\/","url_meta":{"origin":548876,"position":2},"title":"THIS EVENING: The Central Bank of Egypt is looking at a lot of options to bring in FX + Protests in China over covid-zero trudge on","author":"enterpriseam admin","date":"28 November 2022","format":false,"excerpt":"Good afternoon, wonderful people. We have a brisker news day to bring you than we did yesterday \u2014 plus your usual roundup of everything you need to know to stay on top of the World Cup in Qatar.THE BIG STORY TODAY A peek into the CBE\u2019s plan to shore up\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/736.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579964,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/this-evening-ksa-rolls-over-its-usd-5-bn-deposit-at-the-cbe-were-one-week-out-from-the-enterprise-climate-x-forum\/","url_meta":{"origin":548876,"position":3},"title":"THIS EVENING: KSA rolls over its USD 5 bn deposit at the CBE + We\u2019re one week out from the Enterprise Climate X Forum","author":"enterpriseam admin","date":"29 November 2022","format":false,"excerpt":"Good afternoon, wonderful people, and happy end to hump day. One week from today, a bunch of us will be at the Grand Egyptian Museum to meet many of you at the Enterprise Climate X Forum. It\u2019s our first-ever large-scale event, with more than 200 C-suite execs, bankers, investors, DFI\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/746.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548957,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/29\/this-morning-enterprise-climate-just-went-live-abdalla-madouly-talk-import-restrictions-and-the-qataris-might-be-interested-in-alex-containers-eastern-company\/","url_meta":{"origin":548876,"position":4},"title":"THIS MORNING: Enterprise Climate just went live; Abdalla, Madouly talk import restrictions and the Qataris might be interested in Alex Containers + Eastern Company","author":"enterpriseam admin","date":"29 August 2022","format":false,"excerpt":"Good morning, nice people. IT\u2019S A BIG DAY FOR\u2026 all of us here at Enterprise. Our first issue of Enterprise Climate went live a couple of hours ago. Readers of Enterprise Egypt will be getting copies for the coming week or two \u2014 and you can find us online at\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":552461,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/this-evening-govt-throws-its-weight-behind-fx-flexibility-liz-truss-gets-to-work\/","url_meta":{"origin":548876,"position":5},"title":"THIS EVENING: Gov\u2019t throws its weight behind FX flexibility + Liz Truss gets to work","author":"enterpriseam admin","date":"6 September 2022","format":false,"excerpt":"Happy Tuesday, wonderful people. We have an interesting \u2014 albeit not-crazy-busy \u2014 hump day on the home front today.THE BIG STORY TODAY Gov\u2019t is on board for more FX flexibility, El Said says: \u201cWe as a government do agree that a flexible exchange rate is definitely good for the economy,\"\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548876"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548876\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548874"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548876"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548876"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}