{"id":613295,"date":"2024-01-12T00:00:00","date_gmt":"2024-01-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/12\/a-new-war-front-plus-more-credit-card-limits\/"},"modified":"2024-01-12T00:00:00","modified_gmt":"2024-01-12T00:00:00","slug":"a-new-war-front-plus-more-credit-card-limits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/12\/a-new-war-front-plus-more-credit-card-limits\/","title":{"rendered":"A new war front. PLUS: More credit card limits."},"content":{"rendered":"

Good morning, friends and happy Friday. <\/strong>Despite the short business week we remained busy with a slew of economic and geopolitical updates towards the end of it. <\/p>\n

As you know, productivity, whether at home or at work, has generally been an aspect that <\/strong>we can always improve or enhance.<\/strong> Especially when Mr. Procrastination\u2019s tempting head emerges over our laptop screens promising to stop us from doing what we are supposed to do.<\/p>\n

But, not all hope is lost, folks.<\/strong> We can still get back to work with some of the tried-and-tested pointers that we will give you in our guide to ensure that you are as productive as imaginably possible \u2014 at your home or in the office.<\/p>\n

AND- <\/strong>we need all the productivity as we tool up for the official launch of EnterpriseAM UAE in the coming few days. <\/strong><\/p>\n

If you haven\u2019t already: Sign up for the UAE edition <\/strong>here<\/a><\/strong>. <\/strong>Our report, produced in the UAE and in Cairo, is written for decision makers in the UAE as well as executives, investors, and others doing business or deploying capital there. <\/p>\n

EnterpriseAM UAE is available to you without charge <\/strong>thanks to the generous support of our friends at Mashreq and is published by 7am UAE time Monday through Friday.<\/p>\n

** THAT\u2019S NOT ALL: EnterpriseAM Saudi Arabia is launching later this month. <\/strong>You can sign up here<\/a> to let us know you\u2019d like to be on the list on launch day. More details soon. <\/p>\n

<\/a> <\/p>\n

\n

LAST WEEK IN 3 MINS-<\/p>\n

THE SHORT WEEK WAS BUSY WITH ECONOMY NEWS-<\/strong><\/p>\n

#1-<\/strong>New credit card restrictions:<\/strong> At least three private banks have announced yesterday new monthly credit card limits for international transactions inside or outside Egypt. The new limits for international credit cards transactions from within Egypt now range from the equivalent of USD 65 at CIB to USD 50 at Abu Dhabi Islamic Bank.<\/p>\n

#2- Inflation is easing: <\/strong>Annual headline inflation slowed to 33.7% in December from 34.6% in November according to the latest figures from statistics agency Capmas on Wednesday. That was slightly higher than the median 33.4% prediction by analysts polled by Reuters<\/a>. Inflation has been cooling since a historic high of 38.0% in September, although analysts have cautioned that inflation might pick up again in the widely-anticipated case of a devaluation of the EGP.<\/p>\n

Remember: <\/strong>The CBE\u2019s average inflation target<\/a> is 7% (\u00b12%) by 4Q 2024 and 5% by 4Q 2026.This target has been in place since December 2022.<\/p>\n

#3- World Bank knocks our growth forecast: <\/strong>The World Bank downgraded Egypt\u2019s growth outlook for the current fiscal year owing to persistent economic problems, in its Global Economic Prospects reports (pdf)<\/a>. Real GDP growth is expected to slow to 3.5% in FY 2023-2024, down 0.2% from its last forecast in October<\/a>, when it penciled in growth of 3.7%.<\/p>\n

#4- FX is big on the agenda for President Sisi\u2019s third term: <\/strong>The government came out with a very ambitious target this week to increase FX inflows to USD 300 bn by 2030 \u2014 nearly triple the current annual foreign currency revenues \u2014 in a report (pdf)<\/a> from the Cabinet Information and Decision Support Center (IDSC) outlining the state\u2019s strategy. <\/p>\n

The roadmap includes: <\/strong><\/p>\n