{"id":612485,"date":"2023-12-24T00:00:00","date_gmt":"2023-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/cbe-leaves-rates-unchanged-unsc-passes-gaza-resolution\/"},"modified":"2023-12-24T00:00:00","modified_gmt":"2023-12-24T00:00:00","slug":"cbe-leaves-rates-unchanged-unsc-passes-gaza-resolution","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/cbe-leaves-rates-unchanged-unsc-passes-gaza-resolution\/","title":{"rendered":"CBE leaves rates unchanged + UNSC passes Gaza resolution"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>Welcome to the last full work week in 2023 (when did this happen?) \u2014 and Merry Christmas to everyone celebrating tomorrow. <\/p>\n

Like many of you, we\u2019re taking a few days to recharge. <\/strong>We\u2019ll be taking a publication break this coming Thursday through Monday to recharge our batteries as we gear up to launch new things in 2024. All of our publications will be back in your inboxes at their usual times on Tuesday, 2 January 2024.<\/p>\n

THE BIG STORY HERE ARE HOME- <\/p>\n

The Central Bank of Egypt <\/strong>seems to want to leave all of its policy tools untouched as it looks to a float (or step-by-step devaluation) in what all of hope will be early 2024. The bank left interest rates<\/strong> unchanged on Thursday at its last policy meeting of this year. The central bank also reportedly gave verbal guidance to banks to suspend the use of newly-issued credit cards<\/strong> for any form of foreign-currency transaction in its latest move to curb the current FX crunch. That crunch isn\u2019t going to be made any better by the situation in the Red Sea<\/strong>. <\/p>\n

^^ We have the rundown on everything you need to know in this morning\u2019s news well, below.<\/p>\n

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

The Christmas news slowdown is upon us<\/strong>, with no single story capturing the imagination of the western press.<\/p>\n

<\/a> #1- <\/strong>Security Council passes resolution on Gaza: <\/strong>The UN Security Council on Friday agreed on a watered-down resolution<\/a> calling for \u201curgent and extended humanitarian pauses and corridors throughout the Gaza Strip for a sufficient number of days.\u201d The resolution also demanded the safe delivery of humanitarian assistance to those in Gaza. The vote in the 15-member council \u2014 which was delayed several days because of disagreements over language \u2014 saw 13 members voting in favor and the US and Russia abstaining. Russia wanted stronger language around an end to Israeli hostility; the US did not. <\/p>\n

Egypt called the resolution insufficient<\/strong> and once more urged for<\/a> an immediate ceasefire. <\/p>\n

The story got plenty of attention in the international press:<\/strong>CNN<\/a> | Reuters<\/a> | The Guardian<\/a> | AP<\/a>. <\/p>\n

#2- Trump\u2019s fate is still in the air<\/strong>: <\/strong>The US Supreme Court has rejected a request to fast-track its ruling on Donald Trump claim he cannot be prosecuted for trying to overturn his 2020 election defeat. (Reuters<\/a> | CNN<\/a> | The Independent<\/a> | AP<\/a> | BBC<\/a> | Financial Times<\/a>)<\/p>\n

<\/a> #3- Angola quits OPEC: <\/strong>Angola has announced<\/a> its departure from the OPEC oil cartel following disputes over its production quota. Shortly after, members Iraq, Nigeria, and Congo pledged their loyalty<\/a> to the group. <\/p>\n

#4- Ceasefire in Ukraine? <\/strong>Russian President Vladimir Putin has been signaling that he is open to discuss a ceasefire in Ukraine, New York Times<\/a> reports, citing former Russian officials. Putin has been signaling through intermediaries since September that he is open to a ceasefire and is willing to stop at current positions \u2014 but isn\u2019t \u201cwilling to retreat one meter.\u201d<\/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

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HAPPENING TODAY- <\/p>\n

<\/a> The Senate will reconvene after a six-week break<\/strong> to discuss the future of the Suez Canal industrial zones, including a proposal to promote the zones around the world. A study by Sen. Tarek Nosseir found that industrial zones in the canal area have attracted some USD 3 bn worth of foreign direct investment and that revenues of companies operating clocked in at more than EGP 6 bn in the state\u2019s 2022-2023 fiscal year \u2014 a 78% increase over the previous year. <\/p>\n

Committee meetings today:<\/strong><\/p>\n