{"id":613018,"date":"2024-01-05T00:00:00","date_gmt":"2024-01-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/05\/high-record-yield-on-new-cds-price-hikes-for-public-and-private-utilities-and-services\/"},"modified":"2024-01-05T00:00:00","modified_gmt":"2024-01-05T00:00:00","slug":"high-record-yield-on-new-cds-price-hikes-for-public-and-private-utilities-and-services","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/05\/high-record-yield-on-new-cds-price-hikes-for-public-and-private-utilities-and-services\/","title":{"rendered":"High-record yield on new CDs  + Price hikes for public and private utilities and services"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, ladies and gentlemen, and happy Friday. <\/strong>We hope that this work week and longer weekend make our start to 2024 a more positive and productive one\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026 Speaking of productivity you should check out this week\u2019s guide on morning <\/strong><strong>routines\u2026<\/strong> we did some research to boil down the main factors that can make or break a decent morning regimen\u2014 even if you consider yourself a night owl. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> We\u2019ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> LAST WEEK IN 3 MINS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ECONOMY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- New year, new price hikes: <\/strong>We embraced the new year with a series of price hikes for public and private utilities and services. The laundry list of hikes includes:<\/p>\n<ul>\n<li>16-26% increase in electricity bills;<\/li>\n<li>10-16% increase in mobile services;<\/li>\n<li>29-33% increase in ADSL services;<\/li>\n<li>20% increase in Cairo Metro tickets;<\/li>\n<li>10-25% increase in railway tickets;<\/li>\n<li>New hikes for car registration fees.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To explain the rationale behind the price hikes, <\/strong>Prime Minister Moustafa Madbouly held a presser on Wednesday (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=uWfqTkFiVVY\" style=\"\" rel=\"noopener\">watch, runtime: 33:45<\/a>), breaking down the current state subsidy bill that jumped to EGP 342 bn for food and energy only from under EGP 100 bn in 2021. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PM is feeling optimistic: <\/strong>Madbouly predicts the economy will overcome the current crisis in 2025 despite the hit it took from the pandemic, the Ukraine war, and global inflation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And we now have the first glance at the next fiscal year budget,<\/strong>you can read it in detail in our <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/c653260c-0c95-463e-8e52-999d076d51ac\" style=\"\" rel=\"noopener\">Thursday\u2019s AM issue<\/a><\/strong><strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Egypt\u2019s non-oil private sector activity sees slight improvement in December,<\/strong>as selling price inflation softens, according to S&P Global's latest purchasing managers\u2019 index <a target=\"_blank\" href=\"https:\/\/www.pmi.spglobal.com\/Public\/Home\/PressRelease\/98f3a9b9895a472e92576455a86c2170\" style=\"\" rel=\"noopener\">(PMI) report out yesterday (pdf)<\/a>. The index reading rose to 48.5 from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/875fb710-43e4-4bd4-809a-6297270f25bf\" style=\"\" rel=\"noopener\">48.4 in November<\/a> to remain below the 50.0 mark that separates growth from contraction. The Egyptian non-oil private sector has now entered the fourth year of contraction, as December marks the 37th consecutive month that business activity has been in decline.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Net foreign reserves inched higher again in December, <\/strong>reaching USD 35.22 bn from USD 35.17 bn in November, the Central Bank of Egypt <a target=\"_blank\" href=\"https:\/\/cbe.org.eg\/en\/news-publications\/news\/2024\/01\/04\/14\/21\/net-international-reserves-at-the-end-of-december-2023\" style=\"\" rel=\"noopener\">said yesterday<\/a>. The central bank added less than USD 50 mn to the stockpile during last month, marking the sixteenth consecutive month of (albeit marginal) increase.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BLACKOUT WATCH- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The power outages are expected to resume until at least 2Q 2024<\/strong> with the country still needing to boost LNG exports, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36d5ff0c-c1db-44e1-bdff-b5742c358939\" style=\"\" rel=\"noopener\">three official sources told Enterprise<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One silver lining is they might not last as long. <\/strong>A month from now we could see them last one hour instead of the grueling two, sources told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- outages are now limited to the hours of 11am to 5pm, <\/strong>following a slew of complaints, especially during the exam season, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2eb955a8-bc35-42fb-b0f7-d8da19346ceb\" style=\"\" rel=\"noopener\">cabinet said on Tuesday<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/205.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>New 27% yield CDs: <\/strong>Banque Misr (BM) and the National Bank of Egypt (NBE) \u2014 the nation\u2019s two largest banks \u2014 have introduced record-high yield certificates of deposits (CDs) with yields up to 27%. Starting today, clients can buy the certificates online to be activated when banks back to work on Monday. Buyers have two types of CDs to choose from: one-time payment of 27% when their CDs mature in 12 months' time, or CDs with monthly interest payouts at a reduced 23.5% annualized rate. More details on the banks\u2019 Facebook pages (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?story_fbid=pfbid03JjmPBUWg5f4PBiUfwTWTgzG9tQwhjjLJH4Bib2CK6CtQYp2BX116LMkByr6Xaurl&id=100064926390958&mibextid=Nif5oz&paipv=0&eav=Afb4VMW2WHGpldhUuY6nziwFGcdGPR0beqs8oMmL2-YDYpJEdYY0BqnWsa14V9od1Yg&_rdr\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/NBE1898\/posts\/pfbid0BjtcQAaAgSgGRndJXqQANdDyb3x7buNMnSNH4nzSkrwJ2m1Ek85kMxdYECRBoDqEl\" style=\"\" rel=\"noopener\">here<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This comes as c. EGP 500 bn worth of CDs are set to mature starting today. <\/strong>State-owned BM and NBE <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\" style=\"\" rel=\"noopener\">introduced<\/a> the one-year certificates in January 2023 with yields up to 25%, which will reach maturity starting today and for more than a month. The high-yield certificates are part of a wider plan by the Central Bank of Egypt to stamp down on inflation by reducing liquidity in the market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO-<\/strong><\/p>\n<ul>\n<li><strong>Inflation: <\/strong>Capmas and the CBE will publish the latest inflation data on Wednesday, 10 January. .<\/li>\n<li><strong>Quarterly fuel prices review:<\/strong> The government\u2019s fuel pricing committee is scheduled to meet this month to set prices for the first quarter of 2024.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AROUND THE WORLD IN SEVEN DAYS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/296.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nearly 100 killed in bomb attack in Iran: <\/strong>Two explosions have killed at least 95 peopleand injured 211 at a ceremony for the fourth anniversary of Iranian military commander Qasem Soleimani\u2019s assassination by the US. The terror attack stands as the deadliest in the country since the Iranian Revolution of 1979. No group or nation has claimed responsibility for the attack, but Iranian parliamentarians have pointed the finger at Israel and Washington.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The death of Hamas\u2019 second-in-command, Saleh al-Arouri, created a ripple effect across <\/strong><strong>the international press. <\/strong>A Hezbollah spokesperson claims that Israel is behind the strike on the Hezbollah base in Dahieh that consisted of a drone and three rockets. Israel is yet to claim responsibility despite a US defense official also pointing the finger at the IDF, as well as a member of the Knesset from Netanyahu\u2019s Likud party, Danny Danon, took to <a target=\"_blank\" href=\"https:\/\/twitter.com\/dannydanon\/status\/1742224370213273770?s=20\" style=\"\" rel=\"noopener\">X<\/a> to congratulate the IDF for killing al-Arouri.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The collision of two planes at Tokyo Airport led to a conversation on Tuesday. <\/strong>379 passengers and crew of the Japan Airlines flight managed to escape the flames that followed their collision with a coast guard aircraft in Haneda airport. However, the coast guard flight passengers were not as lucky \u2014 most of them perished as the plane was headed to Niigata airport to deliver aid to people suffering from the earthquake that struck the island nation on New Year\u2019s Day.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some of Jeffrey Epstein\u2019s documents are now public<\/strong><strong>. <\/strong>40 of the 250 previously sealed records from the ongoing lawsuit against him were <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/jeffrey-epstein-ghislaine-maxwell-virginia-giuffre-3af500d4788ad45301be426628846d71\" style=\"\" rel=\"noopener\">released on Wednesday<\/a>, with more to come in the next few days.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2600\ufe0f <\/strong><strong>THE WEATHER THIS WEEKEND- <\/strong>Today will be a sunny day with a high of 22\u00b0C during the daytime and a low of 13\u00b0C at night. Tomorrow will give us more of the same, with the mercury peaking at 23\u00b0C during the day until it drops to a cool 13\u00b0C in the evening, according to our favorite weather app. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING THIS WEEKEND- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enter the improv world in 2024.<\/strong> Starting tomorrow Ramsi Lehner will be hosting a ten-class improv workshop to help you improve your public speaking skills, expand your range as an actor or performer, help you develop your standup comedy, or even just make you better at communication. The classes will take place every weekend on Fridays and Saturdays from 6:30pm to 10pm. Register <a target=\"_blank\" href=\"https:\/\/docs.google.com\/forms\/d\/1fE7JnCyGuVu01AsKoLc4_4KGraKed8P6nN9jdx_C8lI\/viewform?edit_requested=true\" style=\"\" rel=\"noopener\">here<\/a> to claim a spot.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Practice your knitting and needling skills at a crochet workshop at the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/facebook.com\/MonalisaArtZone\" style=\"\" rel=\"noopener\">Monalisa Art<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/facebook.com\/MonalisaArtZone\" style=\"\" rel=\"noopener\">Studio<\/a><\/strong><strong>.<\/strong> This three-hour course will be teaching you all the crooks and crannies from basic stitching shapes to making scarfs. The course will be taking place every Saturday and Wednesday until Wednesday, 28 February from 1 - 4pm. Check out their <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/events\/1688666728329376\/1688666811662701\/?active_tab=about\" style=\"\" rel=\"noopener\">Facebook page<\/a> for more information.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Heads up, football fans.<\/strong> Raz3 El Gomhoor \u2014 with YouTuber Marwan Serry and the gang \u2014 is at The Marquee tomorrow to host a two-and-a-half-hour in-depth discussion about the forthcoming football season, player transfers, and general analysis of all of your favorite leagues. Both platinum ticket tiers are sold out, but if you act fast, you can still snag yourself a gold. Reserve your spot <a target=\"_blank\" href=\"https:\/\/www.ticketsmarche.com\/event\/15#row_ticket\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, ladies and gentlemen, and happy Friday. We hope that this work week and longer weekend make our start to 2024 a more positive and productive one\u2026 \u2026 Speaking of productivity you should check out this week\u2019s guide on morning routines\u2026 we did some research to boil down the main factors that can make [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":613019,"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":[7287],"tags":[271,104,6653,185,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-central-bank-of-egypt","tag-economy","tag-enterprise-weekend","tag-pmi","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"3ad1c920-0fad-4d8b-a54a-0376faf6fb27","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/300.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[613016],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.7b5717f9-7785-4365-b8f4-ada341c81a13.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>High-record yield on new CDs + Price hikes for public and private utilities and services - 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\/2024\/01\/05\/high-record-yield-on-new-cds-price-hikes-for-public-and-private-utilities-and-services\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High-record yield on new CDs + Price hikes for public and private utilities and services\" \/>\n<meta property=\"og:description\" content=\"Good morning, ladies and gentlemen, and happy Friday. 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