{"id":582647,"date":"2023-03-12T00:00:00","date_gmt":"2023-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/this-morning-the-cbe-is-allowing-you-to-transfer-more-money-via-instapay-the-svb-fiasco\/"},"modified":"2023-03-12T00:00:00","modified_gmt":"2023-03-12T00:00:00","slug":"this-morning-the-cbe-is-allowing-you-to-transfer-more-money-via-instapay-the-svb-fiasco","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/this-morning-the-cbe-is-allowing-you-to-transfer-more-money-via-instapay-the-svb-fiasco\/","title":{"rendered":"THIS MORNING: The CBE is allowing you to transfer more money via InstaPay + The SVB fiasco"},"content":{"rendered":"

Good morning, friends, and welcome to an unexpectedly busy news morning<\/span>, with the big <\/span>story of the day being what the meltdown of Silicon Valley Bank could mean for dozens of Egyptian startups with deposits at the bank. We have the full rundown in this morning\u2019s news well, below.<\/span><\/p>\n

<\/span>SMART POLICY- You\u2019ll soon be able to transfer larger sums of <\/span>money <\/span>through <\/span>InstaPay<\/a><\/span>: <\/span>The Central Bank of Egypt (CBE) will this week raise the limits on electronic transfers made through its digital payment app InstaPay, saying in a <\/span>statement (pdf)<\/a><\/span> it was doing so thanks to market demand<\/span>. The new limits, which will come into effect on 15 March, will allow transfers of up to EGP 70k per transaction, up from <\/span>EGP 50k currently<\/a><\/span>. Users will be able to transfer a total of EGP 120k per day and EGP 400k per month \u2014 up from <\/span>EGP 60k and EGP <\/span>200k<\/span> currently<\/span>. The decision was rooted in customer requests, opinion polls, and growing demand for the app, the statement adds.<\/span><\/p>\n

WATCH THIS SPACE #1- The government will unveil its <\/span>largest-ever export<\/a><\/span>subsidy program<\/a><\/span> next week<\/span>, Trade and Industry Minister Ahmed Samir said last week, without providing further details, according to <\/span>Al Shorouk<\/a><\/span>. <\/span><\/p>\n

WATCH THIS SPACE #2- One index out, a new index in. <\/span>The EGX is planning to <\/span>launch a shariah-compliant index this summer and terminate one of its less significant indexes over the next month, EGX head Rami El Dokany told CNBC Arabia (<\/span>watch, runtime: 2:09<\/a><\/span>). The bourse has conducted surveys to see which of its indices are among the least used, he added. <\/span>El Dokany provided no information about which index the EGX will terminate and didn\u2019t elaborate on the planned sharia-compliant index. <\/span><\/p>\n

WATCH THIS SPACE #3- Two weeks until the draft FY 2023-24 budget is tabled in the<\/span> House. <\/span>The Finance Ministry expects to send a draft over to the House of Representatives for discussion during the week of 26 March. <\/span><\/p>\n

What\u2019s next?<\/span> Debate kicks off in committee for a two-month period, at the end of which the House Planning and Budget Committee will prepare a budget report to be discussed and voted on by the House. President Abdel Fattah El Sisi would then typically sign off on the budget before the start of the fiscal year on 1 July. <\/span><\/p>\n

<\/p>\n

\n

Zulficar and Partners won the legal community\u2019s sixth annual football tournament<\/span> yesterday, beating Zaki Hashem, Dreny and Partners and Jurisera on their way to their second consecutive title (and their fourth in six years). <\/span>The tournament is a yearly one-day tournament that hosts some of the nation\u2019s most prominent law firms. The net proceeds from the event are earmarked for charities that promote education and advance the legal profession. Fifteen teams played this year. <\/span><\/p>\n

<\/p>\n

\n

PSA- <\/span>You may want to break out jackets and umbrellas \u2014 <\/span>it\u2019s about to cool down again<\/span>, and <\/span>depending on where you live, you may see rain or a sand storm (or both). Daytime highs will fall to 20-22\u00b0C from Tuesday through the end of the week, with an overnight low of 12\u00b0C on Tuesday, according to the <\/span>Egyptian Meteorological Authority forecast<\/a><\/span>. We\u2019re in for moderate rain Monday through Wednesday on the country\u2019s coasts, while Greater Cairo will windy periods off and on throughout the week, according to our favourite weather app. <\/span><\/p>\n

<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

WHAT\u2019S HAPPENING TODAY-<\/span><\/p>\n

It\u2019s the second and final day of the <\/span>Techne Summit<\/a><\/span> at the National Museum of Egyptian <\/span>Civilization.<\/span><\/p>\n

The SCZone is in Vietnam:<\/span> Representatives from the Suez Canal Economic Zone (SCZone) <\/span>starts a roadshow in Hanoi where they will meet with local businesses and investors in a bid to attract investment. The roadshow lasts through to Friday, 17 March.<\/span><\/p>\n

Hajj registration goes live: <\/span>Registration for this year\u2019s Hajj through tourism companies <\/span>will be open from 12 March to 19 April, the Tourism Ministry <\/span>said<\/a><\/span> Thursday.<\/span><\/p>\n

HAPPENING TOMORROW-<\/span><\/p>\n

Italian FM in Egypt:<\/span> Italian Foreign Minister Antonio Tajani is heading to Egypt after visiting the <\/span>West Bank and Israel, Italian news agency <\/span>ANSA<\/a><\/span> said last week.<\/span><\/p>\n

El Molla speaks at BEBA:<\/span> Oil Minister Tarek El Molla will be guest of honor at a dinner <\/span>organized by the British Egyptian Business Association (BEBA Egypt) at Cairo Marriott Hotel.<\/span><\/p>\n

THIS WEEK-<\/span><\/p>\n

Ahlan Ramadan:<\/span> The government\u2019s Nasr City Ahlan Ramadan discount supermarket expo will <\/span>kick off on 15 March<\/a><\/span> and will run through to 21 March.<\/span><\/p>\n

<\/a><\/p>\n

We are delighted to share with you that the Enterprise Exports & FDI Forum <\/span>will be taking <\/span>place on<\/span> Monday, 15 May <\/span>at the<\/span> Four Seasons Hotel at Nile Plaza.<\/span><\/p>\n

DO YOU WANT TO ATTEND?<\/span> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please <\/span>TAP OR CLICK HERE<\/a><\/span>to request a spot at this exclusive event<\/a><\/span>.<\/span><\/p>\n

WANT TO SHARE YOUR STORY ON STAGE?<\/span> Drop a note to <\/span>Patrick here and let\u2019s talk<\/a><\/span>.<\/span><\/p>\n

WANT TO BECOME A COMMERCIAL PARTNER?<\/span> Ping a note to <\/span>Moustafa, our head of commercial, here<\/a><\/span>.<\/span><\/p>\n

CIRCLE YOUR CALENDAR-<\/span><\/p>\n

(xxNK) <\/span>The Finance Ministry will host the <\/span>Public-Private Partnerships MENA Forum<\/a><\/span> on <\/span>19-20 March at the Nile Ritz-Carlton<\/span>, according to a <\/span>Finance Ministry statement<\/a><\/span>. <\/span><\/p>\n

Check out our full calendar on the web<\/a><\/span> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Daily, monthly and per-transaction limits are all increasing<\/p>\n","protected":false},"author":1,"featured_media":582648,"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":[204,271,72,290,183,1458,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-financial-inclusion","tag-fintech","tag-instapay","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"27d55c74-746c-4246-98b5-764ccd096384","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2021\/5\/smartphones-1600px-2.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[582645],"teaser":"Daily, monthly and per-transaction limits are all increasing","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.57d9bc9c-c533-46bb-a723-e65994ff23ee.mp3"},"yoast_head":"\nTHIS MORNING: The CBE is allowing you to transfer more money via InstaPay + The SVB fiasco - 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