{"id":609077,"date":"2023-10-30T00:00:00","date_gmt":"2023-10-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/this-evening-car-for-fx-initiative-has-been-reinstated\/"},"modified":"2023-10-30T00:00:00","modified_gmt":"2023-10-30T00:00:00","slug":"this-evening-car-for-fx-initiative-has-been-reinstated","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/30\/this-evening-car-for-fx-initiative-has-been-reinstated\/","title":{"rendered":"THIS EVENING: Car-for-FX initiative has been reinstated"},"content":{"rendered":"

Good afternoon friends and welcome to this Monday that brings us closer to the end of October. <\/strong>The focus of the local and international news cycle remains fixated on the continuing assault of Gaza.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Your favorite car scheme is officially back: <\/strong>President Abdel Fattah El Sisi has signed off today on a bill that will bring back<\/a> the expat car-for-FX initiative for a renewable three-month period.<\/p>\n

FX, please: <\/strong>The Madbouly government expects to drum up between USD 450 mn and USD 1 bn via the new iteration of the program, a government source told us earlier this month.<\/p>\n

You only have three months or six: <\/strong>Egyptians living abroad will have three months starting today to apply to import tax-free cars. But this comes with the condition that they deposit the equivalent of the saved duties and taxes in a five-year FX certificate of deposit. The new law allowed the Prime Minister to renew the initiative for another three months.<\/p>\n

WHERE CAN I SIGN UP FOR THE INITIATIVE? <\/strong>You can use the apps on Google Play<\/a> and the App Store<\/a>. <\/p>\n

THE BIG STORY ABROAD is still Israel\u2019s neverending assault on Gaza<\/strong>, and the IDF looks like it wants to be seen as ready to fight a multi-front war. Tanks and infantry have pushed to the outskirts of Gaza, the WSJ reports<\/a>. Troops are approaching Gaza from two sides, Reuters<\/a> adds. Israeli forces are also raiding the West Bank, have struck targets in Syria, and are girding for more intense skirmishes along the border with Lebanon, according to the Financial Times<\/a>.<\/p>\n

The US is still not ready to call for a \u201cpause,\u201d let alone a ceasefire, and Joe Biden has been silent <\/strong>since his suggestion yesterday that Israel needs to try to \u201cprotect civilians\u201d in this phase of the war. (Like the IDF are doing by telling folks in a hospital to evacuate before it shells it.)<\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n