{"id":582537,"date":"2023-03-09T00:00:00","date_gmt":"2023-03-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/09\/this-evening-egx-looking-at-new-temporary-listings-inflation-surges-in-february-cbe-hikes-instapay-transaction-limits\/"},"modified":"2023-03-09T00:00:00","modified_gmt":"2023-03-09T00:00:00","slug":"this-evening-egx-looking-at-new-temporary-listings-inflation-surges-in-february-cbe-hikes-instapay-transaction-limits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/09\/this-evening-egx-looking-at-new-temporary-listings-inflation-surges-in-february-cbe-hikes-instapay-transaction-limits\/","title":{"rendered":"THIS EVENING: EGX looking at new temporary listings + Inflation surges in February + CBE hikes InstaPay transaction limits"},"content":{"rendered":"

Happy THURSDAY, friends.<\/span> We\u2019re wrapping up the first full workweek of March with a whole<\/span> lot of big news stories on the home front, making us all the more grateful that the weekend is just a few short hours away. <\/span><\/p>\n

THE BIG STORIES TODAY<\/span><\/p>\n

<\/span>#1- Are we about to see a fresh batch of temporary listings on the EGX?<\/span> The<\/span> bourse is reportedly studying temporary listings for four companies, <\/span>Asharq Business<\/a><\/span> reports, citing Financial Regulatory Authority (FRA) boss Mohamed Farid, without specifying which companies are under study. The listings would, if executed, bring the total number of companies temporarily listed on the EGX to seven. The FRA had introduced new listing rules back in <\/span>September<\/a><\/span> that allow companies to \u201ctemporarily\u201d list their shares on the EGX for six months as they work to meet listing requirements.<\/span><\/p>\n

#2- Inflation surged faster than expected in February to hit new five-year highs<\/span>, on the<\/span> back of hikes in fuel prices and the continued depreciation of the EGP. Annual urban inflation rose 31.9% y-o-y in the second month of the year, up from 25.8% in January, according to figures from state statistics agency Capmas. This is the highest rate since August 2017 and is up from just 10% in February 2022. The uptick was primarily driven by food prices, which have increased 61.8% y-o-y. <\/span><\/p>\n

#3- You can now send more money through InstaPay<\/span>, after the Central Bank of Egypt (CBE)<\/span> raised the limit for each transaction to EGP 70k, from EGP 50k previously, according to <\/span>a circular (pdf)<\/a><\/span>. The daily transaction limit on the CBE\u2019s national digital payments app will become EGP 120k, up from EGP 60k previously, while monthly transactions will be capped at EGP 400k, rising from EGP 200k. The new limits come into effect next Wednesday, 15 March.<\/span><\/p>\n

THE BIG STORY ABROAD<\/span><\/p>\n

The global business press continues to lead this afternoon with JPMorgan\u2019s lawsuit<\/span> against its former investment banking chief<\/span>, Jes Staley, who had ties to pedophile financier Jeffrey Epstein. The story is still getting top billing from the <\/span>Financial Times<\/a><\/span>, the <\/span>Wall Street Journal<\/a><\/span>, and <\/span>CNBC<\/a><\/span>.<\/span><\/p>\n

<\/p>\n

\n

** CATCH UP QUICK<\/span> on the top stories from today\u2019s <\/span>EnterpriseAM<\/span>:<\/span><\/p>\n