{"id":592304,"date":"2023-08-03T00:00:00","date_gmt":"2023-08-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/03\/central-bank-of-egypt-expected-to-leave-rates-unchanged-today\/"},"modified":"2023-08-03T00:00:00","modified_gmt":"2023-08-03T00:00:00","slug":"central-bank-of-egypt-expected-to-leave-rates-unchanged-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/03\/central-bank-of-egypt-expected-to-leave-rates-unchanged-today\/","title":{"rendered":"Central Bank of Egypt expected to leave rates unchanged today"},"content":{"rendered":"

Good morning, wonderful people, and happy THURSDAY. <\/strong>Power cuts continue to dominate the headlines in a morning that is otherwise moderately slow. Barring any new developments on the electricity fronts, you can expect today\u2019s interest rate decision at the central bank to be the big news driver when the monetary policy committee announces its decision toward the end of the day.<\/p>\n

Our best wishes to you all for a wonderful weekend <\/strong>\u2014 and a safe drive to the coast if you are Sahel-bound.<\/p>\n

Late-night power cuts are a thing of the past:<\/strong> The Electricity Ministry will stop cutting the power in the 12-hour period between midnight and noon, the state-owned Middle East News Agency<\/a> quotes an unnamed source at the Electricity Ministry as having said. This came less than two days after it introduced a new blackout schedule<\/a> to let the public know the exact times they will be without power.<\/p>\n

Remember:<\/strong>The state-owned Egyptian Electricity Holding Company (EEHC) was forced into starting rolling blackouts<\/a> two weeks ago as soaring electricity demand due to the heatwave put pressure on the network and burned through fuel supplies. To reduce load<\/a>, the government has ordered public-sector workers to work from home on Sundays and is trying to cut electricity consumption in public spaces. It is also importing additional supplies of heavy fuel oil to fire electricity generation amid a shortage of natural gas.<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

<\/a> It\u2019s interest rate day: <\/strong>The Central Bank of Egypt is expected to leave interest rates unchanged when it holds its policy meeting later today. That\u2019s according to a consensus of analysts and economists we spoke to<\/a> last week, who expect the central bank to hold fire.<\/p>\n

<\/a> PMI:<\/strong> S&P Global will publish its purchasing managers\u2019 index for Egypt today. The non-oil private sector contracted at its slowest rate in 22 months in June<\/a> amid signs at the time that inflationary pressures could be easing.<\/p>\n

<\/a> The Greek PM is in town:<\/strong> President Abdel Fattah El Sisi will hold talks this morning with Greek prime minister Kyriakos Mitsotakis in El Alamein, according to Mitsotakis\u2019 office<\/a>.<\/p>\n

<\/a> Dialogue Day: <\/strong>The National Dialogue will discuss<\/a> a draft law establishing a new council for education and training, as instructed by President Abdel Fattah El Sisi earlier this week<\/a>. The proposed legislation aims to empower the council to unify education policies and align them with the needs of the job market and improve scientific research. The council\u2019s board would have 16 members including ministers and education experts, be chaired by the prime minister, and be affiliated to the president. Participants will also discuss post-divorce issues.<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

<\/a> OPEC+ to maintain supply levels: <\/strong>Oil cartel OPEC+ is expected to leave output at current levels when it meets tomorrow, Reuters<\/a> reports, citing six OPEC+ sources. <\/p>\n

Remember:<\/strong> Oil producers have embarked on a series of production cuts since November in a bid to lift prices, most recently in a surprise decision<\/a> in April. The group last month agreed to extend the cuts into 2024, with Saudi Arabia, Russia and Algeria announcing additional voluntary cuts<\/a>.<\/p>\n

Oil had a good July:<\/strong> Brent and US crude reached three-month highs last month on the back of tightening supply and growing Asian demand.<\/p>\n

<\/p>\n

THE BIG STORIES ABROAD-<\/strong><\/p>\n

Trump to appear in a DC court today: <\/strong>Former US President Donald Trump is due to appear in court today in DC after having been indicted for allegedly lying in an attempt to overturn the 2020 election results, as well as the events leading up to the attacks on the US Capitol in 2021. The Biden administration is trying to get this over and done with as soon as possible as the presidential race begins to heat up, much to the chagrin of Trump\u2019s legal team, which called the idea of holding a trial in 90 days \u201cabsurd.\u201d Trump has a commanding lead in the Republican primary polls and is the overwhelming favorite to be the party\u2019s nominee to face Biden next year.<\/p>\n

The story is all over the international press front pages:<\/strong>Associated Press<\/a> | Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | New York Times<\/a> | Washington Post<\/a> | Wall Street Journal<\/a>.<\/p>\n

Fitch US credit downgrade sparks market sell-off, consternation in Washington:<\/strong> Senior figures in the Biden administration and Wall Street yesterday criticized Fitch Ratings\u2019 downgrading of the US\u2019 credit rating, a decision which helped spark a sell-off in the financial markets. Treasury Secretary Janet Yellen said the move was \u201cflawed\u201d and \u201ccompletely unwarranted\u201d while JPMorgan Chase CEO Jamie Dimon called it \u201cridiculous\u201d in an interview with CNBC<\/a>. <\/p>\n

ICYMI-<\/strong> The rating agency cut the country\u2019s sovereign credit rating<\/a> from AAA to AA+ on Tuesday, citing expectations for fiscal pressure over the coming three years and the repeated high-stakes congressional battles over raising the debt ceiling.<\/p>\n

Fitch defends the move:<\/strong> The downgrade came as a result of concerns about the country\u2019s fiscal situation, a \u201cdeterioration of governance,\u201d and rising political polarization, a senior director at the rating agency said yesterday. <\/p>\n

The markets didn\u2019t like it:<\/strong> The downgrade combined with the Treasury\u2019s plans to increase debt issuance and unexpectedly strong labor data to trigger a sell-off in the US equity and bonds markets yesterday. Following a weeks-long rally, stocks suffered their worst day since April, with the S&P 500 losing 1.4% and the tech-heavy Nasdaq falling 2.2%. A sell-off in US treasuries sent yields to new 2023 highs.<\/p>\n

The sell-off is hitting Asia<\/strong>, where most markets are in the red this morning. European markets are expected to open lower while US stocks could stage a rebound, according to equity futures.<\/p>\n

This is the biggest business story in the world this morning: <\/strong>Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | Washington Post<\/a> | Wall Street Journal<\/a> | CNBC<\/a>.<\/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

MORE NATURAL GAS FROM ISRAEL?<\/strong><\/p>\n

Could we see more natural gas production + exports from Israel?<\/strong> Israeli Energy Minister Israel Katz wants to send more of the country\u2019s natural gas reserves abroad, as the country looks to ramp up its gas production and link up with new markets looking for replacements for Russian hydrocarbons, reports Reuters<\/a>. Israel\u2019s gas reserves are protected by government export limitations that ensure local market capacity, but without improving access to foreign buyers, companies are likely to avoid making investments needed to boost production. Greater gas exports would strengthen Israel\u2019s position as a player in the region and the world, Katz said.<\/p>\n

Egypt is pushing for more:<\/strong> Israeli business daily Globes<\/a> reported last week that Egypt\u2019s intelligence chief Abbas Kamel asked Israel\u2019s national security head to increase gas exports in a recent meeting. <\/p>\n

It would be a good time to get our hands on more Israeli gas<\/strong> as the country suffers through the first sustained bout of blackouts in a decade on the back of a shortage of gas supplies and soaring temperatures. Egypt is also hungry for more natural gas to liquefy and sell on the international market to shore up our foreign exchange position.<\/p>\n

<\/p>\n

CIRCLE YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 <\/strong>September at the St. Regis Hotel in Cairo.<\/strong> This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/p>\n

TAP OR CLICK HERE<\/a><\/strong> if you want to express interest in attending. We\u2019ll be sending out the first batch of invitations soon. <\/p>\n

Do you want to become a commercial partner?<\/strong> Ping a note to Moustafa Taalab, our head of commercial<\/a>, or fill out this form<\/a> and we\u2019ll be in touch.<\/p>\n

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":"

All analysts we surveyed expect the MPC to hold on raising rates for a third consecutive meeting<\/p>\n","protected":false},"author":1,"featured_media":592305,"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":[271,104,72,349,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-interest-rates","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"5e8c00ac-3d39-4ccd-8f23-83bfc7dd0c28","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/8\/160.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central Bank of Egypt expected to leave rates unchanged today","related_issue":[592302],"teaser":"All analysts we surveyed expect the MPC to hold on raising rates for a third consecutive meeting","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.2c206761-4baf-45cd-bc6f-79cdd5cf26b4.mp3"},"yoast_head":"\nCentral Bank of Egypt expected to leave rates unchanged today - 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The central bank cited last month\u2019s inflation figures, which hit a six-year low, as well as declining unemployment and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592315,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/03\/blackouts-interest-rates-and-gold-ownership-get-attention-on-the-airwaves\/","url_meta":{"origin":592304,"position":2},"title":"Blackouts, interest rates and gold ownership get attention on the airwaves","author":"enterpriseam admin","date":"3 August 2023","format":false,"excerpt":"Egyptians bought a record amount of gold in 2Q, according to the World Gold Council","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552141,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/this-evening-unemployment-remains-unchanged-q-o-q-china-cuts-interest-rates-as-economic-activity-lags\/","url_meta":{"origin":592304,"position":3},"title":"THIS EVENING: Unemployment remains unchanged q-o-q + China cuts interest rates as economic activity lags","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"Good afternoon, lovely people. 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WATCH THIS SPACE- #1- When can we expect the newly unlocked USD 1.2 bn from the IMF to land in state coffers? The IMF\u2026","rel":"","context":"In "What We're Tracking Today"","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\/2024\/12\/445.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598209,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/enterprise-poll-central-bank-of-egypt-to-maintain-rates-despite-drop-in-april-inflation\/","url_meta":{"origin":592304,"position":5},"title":"Enterprise poll: Central Bank of Egypt to maintain rates despite drop in April inflation","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"SURVEY- CBE to leave key interest rates on hold this Thursday: The Central Bank of Egypt (CBE) will likely leave key interest rates on hold when its Monetary Policy Committee meets this Thursday, according to all 12 economists polled by Enterprise. Respondents cited the likely impact on inflation of upcoming\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.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\/592304","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=592304"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592304\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/592302"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/592305"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=592304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=592304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=592304"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=592304"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=592304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}