{"id":610923,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/madbouly-wants-to-bridge-the-gap-between-official-and-black-market-usd-rate-is-this-the-end-of-the-egx-rally\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"madbouly-wants-to-bridge-the-gap-between-official-and-black-market-usd-rate-is-this-the-end-of-the-egx-rally","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/29\/madbouly-wants-to-bridge-the-gap-between-official-and-black-market-usd-rate-is-this-the-end-of-the-egx-rally\/","title":{"rendered":"Madbouly wants to bridge the gap between official and black market USD rate + Is this the end of the EGX rally?"},"content":{"rendered":"

Good morning, folks:<\/strong> There\u2019s more cause for cautious optimism in this morning\u2019s still-tepid domestic news cycle: the EBRD has signaled it wants to get more involved in the government\u2019s privatization agenda; a Turkish manufacturer is planning a major investment in the SCZone; and Gaza could get an extra few days respite from Israel\u2019s brutal war if Egypt, Qatar and the US get their way. All that and more below.<\/p>\n

\n

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EGX WATCH- The benchmark EGX30 fell 3% during <\/strong>yesterday\u2019s trading<\/strong> to close at 25.1k. This comes following a weeks-long rally that resulted in the index hitting<\/a>a series of<\/a>unprecedented highs<\/a> triggered by investors rushing into alternatives to LCY cash deposits in response to the prolonged currency uncertainty. <\/p>\n

Driving the fall: <\/strong>Credit Agricole (-5.8%), CIB (-4.8%), and Eastern Company (-4.4%).<\/p>\n

What\u2019s up: <\/strong>A wave of profit-taking \u2014 and perhaps an (early) suggestion that folks are taking a wait-and-see approach to whether the EGP has stabilized against the greenback for the moment.<\/p>\n

The USD currently stands at anywhere between 48-53 to the greenback <\/strong>in the parallel market depending on how much you\u2019re buying, when, where, and from whom. Pricing on the black market remains, by definition, opaque \u2014 and it is difficult to figure out with any clarity what volumes look like. <\/p>\n

Speaking of the EGP: <\/strong>Prime Minister Moustafa Madbouly discussed yesterday what his government is doing to address the FX crunch. The PM told a meeting of committee heads from the House of Representatives<\/a> that steps have so-far included investor incentives that aim to boost domestic manufacturing, exports and FDI.Bridging the gap between the official and black market exchange rates is at the top of the list of the government's economic agenda, he said.<\/p>\n

Remember: <\/strong>Through the team at the Finance Ministry, the PM ultimately guides the nation\u2019s fiscal policy, but he cannot float the EGP or set interest rates. Those tools are the sole purview of central bank Governor Hassan Abdalla.<\/p>\n

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

<\/a> #1- It\u2019s t-minus 2<\/strong>4 hours to COP28: <\/strong>The countdown to COP28<\/a> is nearly over and global leaders in climate, policy, and business are heading to Dubai for 13 days of intense negotiations to save our planet from climate catastrophe. Check out the full agenda for the summit<\/a>, which runs from 30 November to 12 December.<\/p>\n

The loss and damage f<\/strong>und and who\u2019s going to pay for it is already causing a ruckus:<\/strong>Former world leaders and leading economists have signed a joint letter calling on oil-producing states \u2014 like the conference host country and its Gulf neighbors \u2014 to pay a USD 25 bn levy to fund the loss and damage fund, the Guardian<\/a> reports. Little progress has been made on the landmark loss and damage fund<\/a> over the past year after delegates from some 200 nations signed off on the pact at the close of COP27.<\/p>\n

<\/a> #2- It\u2019s OPEC+ o\u2019clock:<\/strong> OPEC+ member states are meeting tomorrow<\/a> to discuss how the cartel of oil-producing nations will respond to falling oil prices, decide on next year\u2019s production targets, and make a decision on whether to prolong production cuts. The meeting was initially scheduled from Sunday, but was pushed back after alliance members filed to reach a consensus on the output quotas for African members. <\/p>\n

Another dela<\/strong>y <\/strong>could still be <\/strong>in the cards:<\/strong> Reuters picked up chatter from OPEC+ sources that the once-delayed meeting may be delayed again<\/a> as African member states seem adamant on their refusal<\/a> to cut production quotas for 2024.<\/p>\n

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

<\/a> The presiden<\/strong>tial election is fast approaching: <\/strong>Egyptian expats are set go to polls on 1-3 December to choose between incumbent President Abdel Fattah El Sisi<\/strong>, Al Wafd Party\u2019s Abdel Sanad Yamama<\/strong>, the Egyptian Social Democratic Party\u2019s Farid Zahran<\/strong>, and the Republican People Party\u2019s Hazem Omar<\/strong>.<\/p>\n

Voter<\/strong>s here at home will cast their ballots on 10-12 December.<\/strong> First-round results are due on 18 December and a runoff, if necessary, will take place in early January 2024.<\/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

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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

HELP GAZA-<\/strong><\/p>\n

<\/a> Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n

The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n

Or check out <\/strong>our list of charities<\/a><\/strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p>\n

<\/p>\n

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

<\/a> Charlie Munger, right-hand man of Warren Buffett, dies aged 99:<\/strong> Bn\u2019aire and market sage Charles Munger, who was second-in-command to business magnate Warren Buffett for almost 60 years, has died aged 99. Under their management of Berkshire Hathaway, the previously-failing textile company averaged an annual gain of 20% between 1965 and 2022 \u2014 roughly twice the pace of the S&P 500 Index \u2014 to become the multi-bn USD conglomerate that it is today.<\/p>\n

The story has plenty of ink in the int\u2019l business press this morning:<\/strong> (Reuters<\/a> | Associated Press<\/a> | Wall Street Journal<\/a> | CNBC<\/a> | Bloomberg<\/a> | Financial Times<\/a>) <\/p>\n

Expo 2030:<\/strong> Riyadh was successful in its bid to host the World Expo in 2030, beating out South Korea\u2019s Busan and Rome, which had also launched sharp-elbowed bids to host the event, Reuters<\/a> wrote. The event usually attracts mns of visitors and helps its host general USD bns of investments. <\/p>\n

CZ can\u2019t go home: <\/strong>Binance founder Changpeng Zhao can\u2019t leave the US until the court decides whether he should stay in the country until his sentencing hearing in February or be allowed to return to his home in the UAE, according to a federal judge\u2019s ruling (pdf)<\/a> on Monday. The former CEO of the world\u2019s largest cryptocurrency exchange last week stepped down and pleaded guilty<\/a> to breaching US anti-money laundering laws. (WSJ<\/a> | Reuters<\/a> | Bloomberg<\/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>We dive into what to expect from the amendments to the building reconciliation act soon to be signed into law. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks: There\u2019s more cause for cautious optimism in this morning\u2019s still-tepid domestic news cycle: the EBRD has signaled it wants to get more involved in the government\u2019s privatization agenda; a Turkish manufacturer is planning a major investment in the SCZone; and Gaza could get an extra few days respite from Israel\u2019s brutal war […]<\/p>\n","protected":false},"author":1,"featured_media":610924,"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":[104,68,72,2234,281,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-economy","tag-egx","tag-enterpriseam","tag-foreign-exchange","tag-moustafa-madbouly","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"23f319e6-fa3c-4931-b7cb-560bd0a2f564","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/11\/1650.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Madbouly wants to bridge the gap between official and black market USD rate + Is this the end of the EGX rally?","related_issue":[610921],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.013c1524-971a-41d5-a1ca-f8443cfb08d7.mp3"},"yoast_head":"\nMadbouly wants to bridge the gap between official and black market USD rate + Is this the end of the EGX rally? 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