{"id":607717,"date":"2023-10-09T00:00:00","date_gmt":"2023-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/got-an-egp-account-at-cib-you-wont-be-able-be-to-use-your-debit-card-overseas\/"},"modified":"2023-10-09T00:00:00","modified_gmt":"2023-10-09T00:00:00","slug":"got-an-egp-account-at-cib-you-wont-be-able-be-to-use-your-debit-card-overseas","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/got-an-egp-account-at-cib-you-wont-be-able-be-to-use-your-debit-card-overseas\/","title":{"rendered":"Got an EGP account at CIB? You won\u2019t be able be to use your debit card overseas"},"content":{"rendered":"

Good morning, friends. We have another packed issue for you this morning<\/strong>, so we\u2019re going to jump straight in:<\/p>\n

<\/a> EGP WATCH- CIB will no longer allow clients to make <\/strong> FX-denominated purchases or withdrawals using debit cards linked to EGP accounts. <\/strong>The ban goes into effect tomorrow (Tuesday, 10 October), the bank said in text messages last night. AAIB and the Arab International Bank made similar moves in recent days, as we noted<\/a> yesterday<\/a>, as have other banks. No bank of which we\u2019re aware has yet banned FX transactions on credit cards. <\/strong><\/p>\n

MEANWHILE- Policymakers are exploring other ways of convincing Egyptians living <\/strong> abroad to make fresh deposits <\/strong>in domestic banks, cabinet said in a statement<\/a> after Prime Minister Madbouly met with central bank governor Hassan Abdalla, Suez Canal Authority chief Osama Rabie, and other officials. The statement gave no information on what we might expect. Previous initiatives have included everything from making it easier for Egyptians abroad to import cars to Egypt<\/a> and settle military service obligations in cash<\/a> to programs offering land<\/a> and fresh incentives<\/a> to foreign manufacturers<\/p>\n

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

<\/a> Will it be a big week on the reform front? <\/strong>The IMF and the World Bank will kick off their annual meeting<\/a> in Morocco today, a week of talks that will likely serve as the backdrop to ongoing negotiations over the future of Egypt\u2019s USD 3 bn loan program. <\/p>\n

Devaluation will once again be on the agenda for policymakers, <\/strong> with IMF head Kristalina Georgieva last week<\/a> warning that the further down the road we kick the decision, the more we will \u201cbleed\u201d our reserves. The IMF boss told Bloomberg<\/a> last week that Egypt and the Fund are \u201cmaking progress\u201d on the twice-delayed review of our USD 3 bn assistance program. \u201cIn the last couple of days there have been some constructive engagements \u2026 Let\u2019s see what will come out in the next weeks.\u201d<\/p>\n

<\/a> ALSO HAPPENING TODAY- The Madbouly government is set to announce measures to <\/strong> curb food price inflation today<\/strong>, Ahmed Moussa said on Ala Masouleety (watch, runtime: 4:04<\/a>). The steps, first teased in a cabinet statement last week<\/a>, could see state companies and authorities flooding the market with nine basic commodities, including sugar, oil, rice, and dairy.<\/p>\n

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

<\/a> Inflation figures are out tomorrow<\/strong>,and analysts are predicting inflation will hit 38.3% in September, according to a poll by CNBC Arabia<\/a>. Annual urban inflation has been accelerating for the past several months, hitting an all-time high of 37.4% in August<\/a>. <\/p>\n

The IMF\u2019s World Economic Outlook is due out tomorrow \u2014 we\u2019ll be looking for the <\/strong> institution\u2019s Egypt growth forecast. <\/strong> The fund in July said it saw growth slowing to 3.7%<\/a> this year from 6.6% in 2022, before inching up to 4.1% in 2024. Both the European Bank for Reconstruction and Development<\/a> and commercial lender Intesa Sanpaolo<\/a> have trimmed their Egypt growth forecasts this month. The World Bank, meanwhile, expects economic growth to slow to 3.7% in the current fiscal year, down from a projected 4.2% in FY 2022-2023, as we noted yesterday<\/a>.<\/p>\n

ELECTION 2023- <\/strong><\/p>\n

And then there were two: <\/strong>The Egyptian Social Democratic Party\u2019s Farid Zahran has become the second candidate to file paperwork with the National Elections Authority (NEA) to run in December\u2019s presidential poll, according to Youm7<\/a>.President Abdel Fattah El Sisi <\/strong>was the first candidate to file his<\/a> paperwork<\/a> with a submission to the NEA on Saturday. At least four other politicians have said they are interested in running<\/a>.<\/p>\n

Key dates: <\/strong>Egyptians will go to the polls in December to elect a president for a new six-year term. Polls will be open at home on 10-12 December, while expats will vote on 1-3 December. The results will be announced on December 18, with a runoff in early 2024 if there is no clear winner.<\/p>\n

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MARKET WATCH- <\/strong><\/p>\n

<\/a> Yields + Gaza to define life in the financial markets this week: <\/strong> An unprecedented sell-off in the global bond markets last week already had investors looking at the week ahead with trepidation, but the eruption of conflict in Gaza and Israel will likely fuel further volatility as geopolitical risks rise (more on this below).<\/p>\n

This morning: <\/strong><\/p>\n