{"id":611526,"date":"2023-12-07T00:00:00","date_gmt":"2023-12-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/07\/this-evening-our-net-foreign-reserves-inch-higher-again\/"},"modified":"2023-12-07T00:00:00","modified_gmt":"2023-12-07T00:00:00","slug":"this-evening-our-net-foreign-reserves-inch-higher-again","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/07\/this-evening-our-net-foreign-reserves-inch-higher-again\/","title":{"rendered":"THIS EVENING: Our net foreign reserves inch higher again"},"content":{"rendered":"

Good afternoon friends, and HAPPY THURSDAY.<\/strong> The week has finally winded down but not without a heavy cycle of news updates. <\/p>\n

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

Egypt\u2019s net foreign reserves creeped up again at the end of<\/strong> November to USD 35.2 bn<\/strong> from USD 35.1 bn at the end of October<\/a>, according to data<\/a> from the Central Bank of Egypt.<\/p>\n

We\u2019re on a roll. <\/strong>It\u2019s the fifteenth uptick in a row, asthe Central Bank of Egypt (CBE) has managed to steadily recover a total of USD 2 bn of net foreign reserves over the past 15 months since September 2022<\/a>. We had USD 41 bn in reserves on the eve of the Russian war in Ukraine, which triggered a foreign capital exodus<\/a> from Egypt and saw us bleed some USD 8 bn in reserves.<\/p>\n

Remember:<\/strong> The UAE recently renewed a USD 1 bn deposit<\/a> that matured in July 2023 to be now due in July 2026, a CBE report showed last week. Almost USD 30 bn of the reserves is made up of short- and long-term central bank deposits made by Saudi Arabia, the UAE, Qatar, Kuwait and Libya.<\/p>\n

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

It\u2019s a mixed bag of headlines in the international press this afternoon.<\/strong> The IDF\u2019s continued assault on Khan Younis, where hundreds of thousands of Palestinians have gone to seek shelter, is threatening to compromise Israel\u2019s relationship with the Biden administration that has called for a minimization of civilian deaths and increased humanitarian aid to enter Gaza, says the Wall Street Journal<\/a>. This comes at a time when Biden\u2019s support for Israel has weight down on his political popularity internationally, particularly in the Global South, reports CNBC<\/a>. Meanwhile, the fourth Republican debate, which the Donald skipped, focused on attacking Nikki Haley as she sparred with Ron DeSantis to secure the second-place spot. Chris Christie attacked Trump for missing the showdown, and Vivek Ramaswamy spewed conspiracies and took personal jabs at the other candidates. (Washington Post<\/a> | Associated Press<\/a>) <\/p>\n

ON THE BUSINESS SIDE-<\/strong> Saudi Arabia has had to shift its economic transformation plan with some unidentified projects being pushed past 2030, according to Bloomberg<\/a>. The government will allow for a big deficit every year until 2026 to accelerate spending, confirmed Finance Minister Mohamed Al Jadaan. Further East, Moody\u2019s Investor Service, has advised employees in China to work from home in the midst of their cut<\/a> to the country\u2019s sovereign credit rating. The move probably stems from concern over the possible reaction from the public, shares the Financial Times<\/a>.<\/p>\n

Meanwhile, <\/strong>Meta will start adding invisible watermarks to its images generated using its AI chatbot<\/strong> \u201cImagine with Meta\u201d in the coming period,<\/strong> the Facebook parent said in a blog post<\/a>. The move comes in an effort to increase transparency when it comes to AI-generated content. <\/p>\n

At iSheep HQ: <\/strong>Apple will source batteries for the latest generation of iPhones from India, as a pivot away from manufacturing in China, the Financial Times<\/a> wrote, citing two sources close to the company. <\/p>\n

The move has been some years in the planning<\/strong> as the American tech giant has been trying to reduce its dependency on Chinese manufacturing amid mounting trade tension between the US and China. <\/p>\n

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COME WORK FOR OUR ADVISORY ARM- <\/strong>Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region\u2019s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE, and beyond. Egyptian and foreign nationals alike are welcome to apply, but native-level verbal and written English fluency is a must.<\/p>\n

WHO YOU ARE-<\/strong> We're looking for gifted storytellers with a minimum of four years of work experience in investor relations, finance, banking, economics, or a related field to develop cutting-edge products and maintain relationships with a portfolio of clients. Candidates should have a bachelor's degree or higher in finance, accounting, economics, business administration, or a related discipline. We're looking for someone whose passion for storytelling is matched with strong analytical and problem-solving skills, as well as the ability to interpret and present financial data \u2014 with a keen eye for details and accuracy. <\/p>\n

INTERESTED IN APPLYING?<\/strong> To apply for the position, drop us a line at jobs@enterprisemea.com and mention \u201cEnterprise Advisory\u201d in your subject line. Please send a solid cover letter telling us a bit about who you are and why you\u2019re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.<\/p>\n

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