{"id":583664,"date":"2023-03-19T00:00:00","date_gmt":"2023-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/no-final-decision-made-on-grain-treaty-exit-says-el-moselhy-plus-love-for-the-rub-nasser-banks-high-yield-cds-precious-metals-fund\/"},"modified":"2023-03-19T00:00:00","modified_gmt":"2023-03-19T00:00:00","slug":"no-final-decision-made-on-grain-treaty-exit-says-el-moselhy-plus-love-for-the-rub-nasser-banks-high-yield-cds-precious-metals-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/no-final-decision-made-on-grain-treaty-exit-says-el-moselhy-plus-love-for-the-rub-nasser-banks-high-yield-cds-precious-metals-fund\/","title":{"rendered":"No final decision made on grain treaty exit, says El Moselhy. PLUS: Love for the RUB, Nasser Bank\u2019s high-yield CDs, precious metals fund"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">COMMODITIES<\/span><span style=\"font-weight:700;\">- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">To leave or not to leave? <\/span><span style=\"\">Egypt could <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/12\/egypt-wants-out-from-un-grain-treaty-99379\/\" style=\"\">rethink its decision to exit<\/a><\/span><span style=\"\"> from the UN grain <\/span><span>treaty after receiving several letters from the Grain Trade Convention calling on the government to remain a member, Supply Minister Ali El Moselhy said yesterday. Officials said earlier this month that Egypt plans to withdraw from the treaty at the end of June because the government doesn\u2019t see any benefits of paying the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/16\/authorities-arrest-men-in-connection-with-mohamed-salah-burglary-case-100345\/\" style=\"\">almost USD 58k<\/a><\/span><span> in annual membership fees.<\/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\">It\u2019s not looking too good: <\/span><span style=\"\">\u201cWe think that our membership of such organizations is of no use as <\/span><span>new technology made it much easier for us to get all the information we need about grain and wheat markets,\u201d El Moselhy said, pointing to the convention\u2019s failure to provide aid during the spike in food prices last year triggered by the war in Ukraine.<\/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\">TRADE<\/span><span style=\"font-weight:700;\">-<\/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\">Egypt wants to open the door to more USD-less trade:<\/span><span style=\"\"> As Egypt prepares to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/12\/egypt-russia-have-yet-to-make-a-final-decision-on-mir-96510\/\" style=\"\">swap the greenback for the RUB<\/a><\/span><span> to trade with Russia, it is now looking at making similar arrangements with China and India. \u201cEgypt is currently studying exchanging trade with China and India in local currencies in the same way we are working to adopt the RUB and the EGP,\u201d Supply Minister Ali El Mos<\/span><span style=\"font-weight:400;\">elhy said over the weekend.<\/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\">Move to the RUB \u201cmoving well\u201d:<\/span><span style=\"\"> \u201cCooperation between Egypt and Russia in local currencies <\/span><span>is now open and receives support from all, but it needs a link between the Central Bank of Egypt and the Russian Federal Bank, and it is technically moving well,\u201d the minister said. The Russian central bank earlier this year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/19\/what-wheat-is-to-bread-corn-is-to-chickens-93968\/\" style=\"\">approved the EGP as a trade currency<\/a><\/span><span style=\"font-weight:400;\">, opening the door to the two countries cutting out the USD in bilateral trade. The countries are also exploring swapping goods, allowing Egypt to import Russian wheat in return for exporting oranges, he said.<\/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;\">BANKING-<\/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\">Nasser Social Bank launches new high-interest savings certificates: <\/span><span style=\"\">State-owned <\/span><span>lender Nasser Social Bank is now offering three-year certificates of deposit (CDs) at 22% and 18-month CDs at 20%, Social Solidarity Minister Nevine El Qabbaj said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid038Psjbei9r2ZqqK8mcK8iYeMBL1ZLEZrvvkPMWmGaBtLijMNFShzqNLcx5yYvpqGhl\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\">. The bank also increased the annual and monthly yields for its senior citizens certificates to 19.25% and 17.75%, respectively. <\/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;\">INVESTMENT- <\/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\">A precious metals fund? <\/span><span style=\"\">Egypt is working to launch a fund to invest in precious metals <\/span><span>in the coming weeks, Financial Regulatory Authority (FRA) boss Mohamed Farid told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/42fb0hg\" style=\"\">Asharq Business<\/a><\/span><span>, without disclosing details. The authority <\/span><span>will soon publish<\/span><span> controls regulating investments funds focused on precious metals, he added. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Convention didn\u2019t help us during 2022 food crisis, minister says<\/p>\n","protected":false},"author":1,"featured_media":583665,"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":[7209],"tags":[111,204,317,72,76,6746,132,7085,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banking","tag-commodities","tag-enterpriseam","tag-financial-regulatory-authority","tag-grains-trade-convention","tag-trade","tag-un","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"f95230d8-5c15-42bb-b150-7298103c8a61","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Rice-harvest-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt could u-turn on UN grain treaty exit. 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