{"id":563171,"date":"2021-06-21T04:00:36","date_gmt":"2021-06-21T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/21\/more-support-in-europe-for-a-digital-eur\/"},"modified":"2021-06-21T04:00:36","modified_gmt":"2021-06-21T04:00:36","slug":"more-support-in-europe-for-a-digital-eur","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/21\/more-support-in-europe-for-a-digital-eur\/","title":{"rendered":"More support in Europe for a digital EUR"},"content":{"rendered":"

<\/a> Plans for a digital EUR has got another endorsement from a European Central <\/strong>Bank <\/strong>(ECB) official: <\/strong>Speaking to the Financial Times<\/a>, ECB executive board member Fabio Panetta moved to assuage concerns about consumer privacy, claiming that a centrally-regulated digital EUR would safeguard the bloc from threats posed by other cryptocurrencies.<\/p>\n

A decision may be imminent on whether to launch a digital EUR by 2025:<\/strong> The currency may already have the support of ECB chief Chrstine Lagarde, who said earlier this year (watch, runtime: 3:35<\/a>) that the central bank could go ahead with a launch by the middle of the decade. Policymakers will decide in the middle of the year on whether to go ahead with the project, she told Bloomberg, without providing more detail on when a decision could be made.<\/p>\n

China <\/strong>will become the first major power to issue a digital currency<\/a><\/strong>, forging ahead with its plans to roll out a digital RMB. The Chinese government has conducted trials in several cities<\/a>, and last week introduced thousands of ATMs in Beijing<\/a> allowing people to exchange hard currency for its digital equivalent. After first voicing skepticism, US policymakers are now working on a prototype greenback<\/a> while the Bank of England is holding consultations<\/a> on the creation of a digital<\/p>\n

\n

It\u2019s not just <\/strong>oil prices that are rebounding<\/a><\/strong>: Natural gas prices are at their highest going in<\/strong>to the summer since 2017<\/strong> as post-lockdown energy demand surges, the Wall Street Journal<\/a> reports. Natgas futures ended Friday at USD 3.215 per mmbtu, up 96% from a year ago and the highest summer price in four years. Prices are expected to rise further later this year as winter approaches in the Northern Hemisphere.<\/p>\n

This is still a lot lower than where Egypt would like them:<\/strong> Egypt requires natural gas prices to be between USD 5.00-5.50 \/ mmbtu<\/a> to break even.<\/p>\n

Saudi Arabia is going to create one of the world\u2019s largest pension funds: <\/strong>Saudi Arabia will merge two state-run pension and ins. funds into a new entity with more than USD 250 bn in AUM as part of the kingdom\u2019s plans to diversify away from oil and grow its assets to over USD 1 tn by 2025, a senior official tells Bloomberg<\/a>. The government wants the fund to be one of the top 10 pension funds in the world, and will be close to the tenth-largest: the New York State Common Retirement which holds USD 255 bn in assets.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

9,798<\/p>\n<\/td>\n

\n

-0.7% (YTD: -9.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.60<\/p>\n<\/td>\n

\n

Sell 15.70<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.60<\/p>\n<\/td>\n

\n

Sell 15.70<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,790<\/p>\n<\/td>\n

\n

-0.8% (YTD: +24.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

6,648<\/p>\n<\/td>\n

\n

-% (YTD: +31.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,850<\/p>\n<\/td>\n

\n

-0.4% (YTD: +14.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,166<\/p>\n<\/td>\n

\n

-1.3% (YTD: +10.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,017<\/p>\n<\/td>\n

\n

-1.9% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 73.51<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.22<\/p>\n<\/td>\n

\n

-1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,769.00<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 35,583<\/p>\n<\/td>\n

\n

-1.0% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.7% at today\u2019s close<\/strong> on turnover of EGP 1.35 bn (4% above the 90-day average). Foreign investors were net sellers. The index is down 9.7% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+4.0%), Qalaa Holdings (+2.0%) and Oriental Weavers (+1.5%).<\/p>\n

In the red: <\/strong>Eastern Company (-3.6%), Fawry (-2.9%) and Orascom Investment Holding (-2.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Plans for a digital EUR has got another endorsement from a European Central Bank (ECB) official: Speaking to the Financial Times, ECB executive board member Fabio Panetta moved to assuage concerns about consumer privacy, claiming that a centrally-regulated digital EUR would safeguard the bloc from threats posed by other cryptocurrencies. A decision may be imminent […]<\/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":[7210],"tags":[518,4093,4092,3732,93,72,119,4091,122,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563171","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-digital-currency","tag-digital-dollar","tag-digital-euro","tag-digital-yuan","tag-energy","tag-enterpriseam","tag-financial-markets","tag-pension-funds","tag-planet-finance","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"d434df70-177c-4b09-aa67-e26a2885ea96","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[563150],"teaser":"","voice_url":""},"yoast_head":"\nMore support in Europe for a digital EUR - 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\/2021\/06\/21\/more-support-in-europe-for-a-digital-eur\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More support in Europe for a digital EUR\" \/>\n<meta property=\"og:description\" content=\"Plans for a digital EUR has got another endorsement from a European Central Bank (ECB) official: Speaking to the Financial Times, ECB executive board member Fabio Panetta moved to assuage concerns about consumer privacy, claiming that a centrally-regulated digital EUR would safeguard the bloc from threats posed by other cryptocurrencies. 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The\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/everything-must-go\/","url_meta":{"origin":563171,"position":2},"title":"Everything must go","author":"enterpriseam admin","date":"27 September 2022","format":false,"excerpt":"Everything but the greenback is selling off right now: Stocks, bonds, commodities and currencies around the world came under pressure yesterday as tightening financial conditions and the relentless rise of the USD raise fears of recession and destabilize currencies in markets both developed and emerging.A snapshot: USD soars: The USD\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570328,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/egp-to-be-included-on-beni-clearing-platform\/","url_meta":{"origin":563171,"position":3},"title":"EGP to be included on Beni clearing platform","author":"enterpriseam admin","date":"26 March 2020","format":false,"excerpt":"Arab payment platform Beni will include the EGP as a settlement currency following a decision by its proprietor, the Arab Monetary Fund, and the Central Bank of Egypt, the local press reports. The multi-currency platform which is soon to launch will also provide clearing and settlement services in Arab and\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623551,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/06\/todays-rate-cuts-could-revive-the-eus-economy-but-the-path-forward-is-murky\/","url_meta":{"origin":563171,"position":4},"title":"Today\u2019s rate cuts could revive the EU\u2019s economy, but the path forward is murky","author":"enterpriseam admin","date":"6 June 2024","format":false,"excerpt":"Some wonder whether it would be a mistake for the ECB to diverge from the US Federal Reserve for the first time in five years","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/591.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578924,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/18\/ecb-follows-the-fed-to-hint-at-slower-rate-rises-gnarly-4q-results-for-wall-st-majors\/","url_meta":{"origin":563171,"position":5},"title":"ECB follows the Fed to hint at slower rate rises + Gnarly 4Q results for Wall St majors","author":"enterpriseam admin","date":"18 January 2023","format":false,"excerpt":"Slower rate hikes in Europe? Officials at the European Central Bank (ECB) are mulling a slower pace of rate hikes than the 50-basis point increases for February and March that ECB President Christine Lagarde penciled in last month, Bloomberg reports, citing unnamed bank officials it says have knowledge of the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563171","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=563171"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563171\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563150"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563171"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563171"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}