{"id":607885,"date":"2023-10-11T00:00:00","date_gmt":"2023-10-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/"},"modified":"2023-10-11T00:00:00","modified_gmt":"2023-10-11T00:00:00","slug":"egyptian-telecom-providers-suspend-e-wallet-fx-payments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/","title":{"rendered":"Egyptian telecom providers suspend e-wallet FX payments"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s another heavy news day. The one ray of sunshine (apart, once more, from signs of light on Planet Startup) is that we have no new crises on our collective plates this morning. One day to go and then we can all slide into the weekend and try to catch our breath.<\/p>\n

<\/a> FX WATCH- <\/strong> E-wallets provided by telecom companies will no longer support FX <\/strong> payments for online transactions <\/strong>according to messages sent to users and seen by Al Borsa<\/a>.<\/p>\n

ON A RELATED NOTE- Tech and telecom players aren\u2019t happy with the FX restrictions: <\/strong>The Chamber of Information Technology and Telecommunications has requested an urgent meeting with central bank governor Hassan Abdalla to discuss the \u201cextremely negative effects\u201d of the clampdown on FX transactions on its members, it said<\/a> yesterday. The move will likely cause companies to exit the country and set up shop in other markets, the chamber said.<\/p>\n

The news comes after a number of banks <\/strong>stopped the use of EGP debit cards<\/a><\/strong> outside the <\/strong> country<\/strong>, reportedly under instruction from the central bank. Among them: CIB, AAIB, the National Bank of Egypt, Arab Bank, and Banque Misr. Other institutions are expected to follow suit in a bid to tamp down flows of FX outside the country or into the parallel market.<\/p>\n

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<\/a> UPDATE- <\/strong> Why the rebound in auto sales in August? <\/strong> The increase<\/a>in car<\/a>sales<\/a> in August was driven by better availability of locally-assembled vehicles as well as an uptick in individual imports by car dealers, Khaled Saad, head of the Automotive Marketing Information Council (AMIC) told Enterprise.<\/p>\n

Remember: <\/strong> Auto sales volumes climbed 28% m-o-m in August to hit their highest level in almost a year.<\/p>\n

Don\u2019t expect the trend to continue: <\/strong> The auto sector remains in crisis given difficulties in securing FX and soaring prices of second-hand cars, Saad said, adding he doesn\u2019t see a way out of the current situation until the FX situation resolves.<\/p>\n

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

<\/a> It\u2019s day three of the IMF and World Bank annual meetings. <\/strong>Senior bankers, economists, government ministers, and a who\u2019s who of economic and finance heavyweights are set for a packed schedule<\/a> in Morocco today.<\/p>\n

What to look out for: <\/strong>The Civil Society Policy Forum is hosting a meeting called headlined \u201ctime to tax wealth in the MENA region\u201d in the morning, and our very own International Cooperation Minister Rania Al Mashat is a speaker in the Financing Resilience, Growth and Shared Prosperity<\/a> seminar later in the day. <\/p>\n

<\/a> Arab League Gaza meeting: <\/strong>Arab foreign ministers will hold an extraordinary session in Cairo to discuss the situation in Gaza.<\/p>\n

WATCH THIS SPACE- <\/strong><\/p>\n

BRT <\/strong> : Coming 2H 2024. <\/strong> The first phase of the bus rapid transit (BRT) line will be operational on Cairo\u2019s Ring Road in the second half of 2024, Al Mal<\/a> reports.<\/p>\n

FYI- <\/strong> The Ring Road BRT system<\/a>, which broke ground in 2022<\/a>, is aimed at reducing traffic on the congested freeway.<\/p>\n

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

The situation in Gaza is the lead story on front pages around the world. <\/strong> We have the latest in this morning\u2019s news well, below. (Associated Press<\/a> | Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | New York Times<\/a> | Washington Post<\/a> | Wall Street Journal<\/a> | BBC<\/a>)<\/p>\n

<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt: <\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n

In today\u2019s issue: <\/strong>Are smart infrastructure solutions picking up pace in Egypt? <\/p>\n","protected":false},"excerpt":{"rendered":"

Four of Egypt\u2019s largest banks are among those who have stopped use of EGP debit cards abroad this week<\/p>\n","protected":false},"author":1,"featured_media":607886,"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":[204,214,104,72,2234,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-banking","tag-cit","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8f7fd9b9-a159-4b31-b974-f809d55f55d9","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/10\/564.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Telecom providers suspend e-wallet FX payments","related_issue":[607883],"teaser":"Four of Egypt\u2019s largest banks are among those who have stopped use of EGP debit cards abroad this week","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.95a495ad-44af-4511-a34f-5cdb4aeb5503.mp3"},"yoast_head":"\nEgyptian telecom providers suspend e-wallet FX payments - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian telecom providers suspend e-wallet FX payments\" \/>\n<meta property=\"og:description\" content=\"Four of Egypt\u2019s largest banks are among those who have stopped use of EGP debit cards abroad this week\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-11T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/564.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egyptian telecom providers suspend e-wallet FX payments\",\"datePublished\":\"2023-10-11T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/\"},\"wordCount\":616,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/564.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"CIT\",\"economy\",\"EnterpriseAM\",\"foreign exchange\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\/\",\"name\":\"Egyptian telecom providers suspend e-wallet FX payments - 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We have an interesting \u2014 albeit not-crazy-busy \u2014 hump day on the home front today.THE BIG STORY TODAY Gov\u2019t is on board for more FX flexibility, El Said says: \u201cWe as a government do agree that a flexible exchange rate is definitely good for the economy,\"\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578879,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/all-eyes-on-the-action-in-our-fx-market\/","url_meta":{"origin":607885,"position":2},"title":"All eyes on the action in our FX market","author":"enterpriseam admin","date":"17 January 2023","format":false,"excerpt":"The international press is focusing on the return of foreign inflows to our FX market following the latest devaluation of the EGP (get the full story in What We\u2019re Tracking Today, above.) Bloomberg is also out with a recap on the recent movements in the EGP \/ USD rate as\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/277.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551187,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/earnings-watch-telecom-egypt-orascom-financial-holding-b-investments-report-1q2022-results\/","url_meta":{"origin":607885,"position":3},"title":"Earnings watch: Telecom Egypt, Orascom Financial Holding, B Investments report 1Q2022 results","author":"enterpriseam admin","date":"31 May 2022","format":false,"excerpt":"EARNINGS WATCH-Telecom Egypt\u2019s 1Q2022 net income declined 36% y-o-y to EGP 1.40 bn, according to the company\u2019s earnings release (pdf). The telecom company\u2019s normalized net income \u2014 which excludes Vodafone Egypt\u2019s one-offs, the effect of the rising FX rate, provisions, and impairments \u2014 came in at EGP 1.7 bn, staying\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550448,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/another-subsea-cable-for-our-regional-data-hub-ambitions\/","url_meta":{"origin":607885,"position":4},"title":"Another subsea cable for our regional data hub ambitions","author":"enterpriseam admin","date":"27 October 2022","format":false,"excerpt":"Telecom Egypt inaugurated its Red2Med submarine cable which runs from Ras Ghareb\u2019s Red Sea to Port Said\u2019s Mediterranean through the Suez Canal, according to a statement. The cable is the \u201cshortest, fastest and most secure way to transfer data between east and west,\u201d said Telecom Egypt CEO Adel Hamed. Communications\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578388,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/this-morning-central-bank-announces-exemptions-for-fx-withdrawal-limits\/","url_meta":{"origin":607885,"position":5},"title":"THIS MORNING: Central bank announces exemptions for FX withdrawal limits","author":"enterpriseam admin","date":"27 December 2022","format":false,"excerpt":"Good morning, good people: We\u2019re continuing our 2022 rewind today, looking back at the year in M&A, investment and capital markets.PSA: You\u2019re reading the penultimate EnterpriseAM issue of 2022. We\u2019re giving ourselves a well-earned three-day weekend to take us into the New Year, meaning that Wednesday will be the final\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\/2022\/12\/544.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\/607885","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=607885"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607885\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607886"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607885"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607885"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}