{"id":614068,"date":"2024-01-25T00:00:00","date_gmt":"2024-01-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/25\/imf-pays-us-a-visit-state-run-banks-impose-more-credit-cards-restrictions\/"},"modified":"2024-01-25T00:00:00","modified_gmt":"2024-01-25T00:00:00","slug":"imf-pays-us-a-visit-state-run-banks-impose-more-credit-cards-restrictions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/25\/imf-pays-us-a-visit-state-run-banks-impose-more-credit-cards-restrictions\/","title":{"rendered":"IMF pays us a visit + state-run banks impose more credit cards restrictions"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>We hope you\u2019re having a relaxing long weekend \u2014 enjoy it to the fullest: it\u2019s the last one we\u2019ll get until Eid Al Fitr in April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To make the most of it in this chilly weather, <\/strong>we recommend a heartwarming gathering over a feast with family and friends. In today\u2019s Enterprise Guide we bring to you a thoughtful list of catering services that offer unique dining experiences suitable for mid-sized events and extra-special occasions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enterprise Weekend comes out on the first day of the weekend at 9:00am CLT.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We'll be back from the long weekend on Sunday with big news as we launch <\/strong><strong>EnterpriseAM KSA.<\/strong> Our newest addition to the Enterprise suite is written for decision makers in Saudi Arabia as well as executives, investors, and others doing business or deploying capital there. It will be published at 7am KSA, Sunday through Thursday. You can also check our newly launched EnterpriseAM UAE edition <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/ksaform.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1829.jpg?ssl=1\"><\/a> <\/p>\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- Egypt held another round of talks with the IMF:<\/strong> Representatives from the IMF, led by the mission chief for Egypt Ivanna Hollar, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ce5a6d0-407b-42ea-a58b-ae7eaab021f3\" style=\"\" rel=\"noopener\">made a visit<\/a> to discuss the two long-stalled reviews of Egypt\u2019s loan program. The visit came on the heels of IMF Mideast and Central Asia head Jihad Azour\u2019s trip to Cairo, where he met with Egyptian authorities and \u201cregional stakeholders\u201d. No details from the talks have been given yet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Moody\u2019s downgrades Egypt\u2019s credit outlook: <\/strong>Moody\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ce5a6d0-407b-42ea-a58b-ae7eaab021f3\" style=\"\" rel=\"noopener\">has downgraded<\/a> Egypt\u2019s credit outlook to negative from stable, affirming its Caa1 rating \u2014 seven rungs into junk territory \u2014 the credit rating agency. The agency cites concerns that IMF support may be insufficient to ward off macroeconomic challenges and currency instability in the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BANKING-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Standard Chartered receives license to set up shop in Egypt:<\/strong> The Central Bank of Egypt (CBE) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f840fd1c-f1a8-4436-bdc2-6e617b94e55e\" style=\"\" rel=\"noopener\">has approved<\/a> British multinational lender Standard Chartered\u2019s request for a license to set up a branch in the country, according to a decision published in the Official Gazette on Monday. The lender, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4cad248a-f473-48cc-8ef5-12e456c2f98d\" style=\"\" rel=\"noopener\">received its full banking license<\/a> from the CBE in November 2022, was operating in the country as a representative office \u2014 a limited form of business establishment. That makes 37 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/1835.pdf\" style=\"\" rel=\"noopener\">banks registered (pdf)<\/a> with the CBE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- State-run banks impose new FX transaction restrictions: <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4b87cf2-1f01-4937-b64d-116f9544e012\" style=\"\" rel=\"noopener\">The National Bank of Egypt<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4b87cf2-1f01-4937-b64d-116f9544e012\" style=\"\" rel=\"noopener\">(NBE)<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b47a246-3175-4504-b647-a40a8ede921e\" style=\"\" rel=\"noopener\">Banque Misr<\/a> have lowered <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/1643.pdf\" style=\"\" rel=\"noopener\">credit card limits<\/a> on FX transactions executed at home and abroad. NBE trimmed the monthly limit on FX purchases made while cardholders are abroad to the equivalent of EGP 7k-85k. It also lowered the monthly ceiling on cash withdrawals abroad to the equivalent of EGP 1.5k-4.5k. Local FX transactions have been reduced to the equivalent of USD 50-250 depending on the card type, down from a standard USD 250 across the board.Banque Misr changed its monthly ceiling on the amount credit card holders are able to withdraw abroad to the equivalent of EGP 3k-6k (depending on the card type) and cut the monthly cap on FX purchases made abroad to the equivalent of EGP 3k-90k, down from USD 100-4k.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIPLOMACY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Egypt \u201cwill not allow any threat to Somalia,\u201d <\/strong>President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31152cb4-e11c-4655-b1c5-39faf2fe830b\" style=\"\" rel=\"noopener\">said<\/a> during a joint presser with his Somali counterpart Hassan Sheikh Mohamud (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=zfcpSNEqTLY\" style=\"\" rel=\"noopener\">watch, runtime: 12:20<\/a>) on Sunday. The two met to discuss Ethiopia saying it would recognise an independent Somaliland \u2014 Somalia\u2019s breakaway region \u2014 in exchange for access to one of its seaports. \u201cDo not try Egypt, or try to threaten its brothers, especially if they ask it to intervene,\u201d El Sisi added \u2014 marking Egypt\u2019s strongest stance on the issue. \u201cTrying to seize a piece of land to control it is something no one will agree to,\u201d he continued.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Egypt and Saudi Arabia <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8bfd3e62-29db-4cc9-aaad-993dddfeb848\" style=\"\" rel=\"noopener\">are leading<\/a><\/strong><strong> a group of five Arab countries pushing a plan for <\/strong><strong>peace and the post-war rebuilding of Gaza,<\/strong> the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/u-s-presses-diplomatic-effort-for-gaza-peace-plan-5c51bef4\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> wrote in a deeply reported piece that relies heavily on unnamed Saudi and Egyptian officials. The plan calls for ending the war in Gaza and recognizing Palestine as an independent nation \u2014 and Saudi Arabia will recognize Israel. US diplomats are playing middleman to pitch the Israelis on the idea, which would also see Gulf countries and Egypt taking the lead in rebuilding and securing Gaza when Israel withdraws.<\/p>\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\/2184.jpg?ssl=1\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- DeSantis throws in the towel, backs up Trump:<\/strong> Florida Governor Ron DeSantis <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/4d655f0c-923e-4bbf-a04b-5bf0b6ef0024\/Hassan%20Allam%E2%80%99s%20green%20projects%20could%20get%20a%20USD%2075%20mn%20investment%20from%20the%20EBRD\" style=\"\" rel=\"noopener\">ended<\/a> his presidential bid Sunday, saying \u201cit\u2019s clear a majority of Republican primary voters want to give Donald Trump another chance.\u201d DeSantis had emerged as Trump\u2019s top challenger, but struggled to keep up in the primary elections as voters showed continued loyalty to the former president.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#<\/strong><strong>2<\/strong><strong>- Shipping giants divert more Red Sea routes and seek overland alternatives:<\/strong> Danish shipping giant <a target=\"_blank\" href=\"https:\/\/www.maersk.com\/\" style=\"\" rel=\"noopener\">Maersk<\/a> has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7db11df-1297-45c9-b0f2-0d6e48047785\" style=\"\" rel=\"noopener\">reshuffled<\/a> routes on its ME2 service that connects the western Mediterranean to the Gulf and India, diverting them via the Cape of Good Hope, while <a target=\"_blank\" href=\"https:\/\/www.hapag-lloyd.com\/en\/home.html\" style=\"\" rel=\"noopener\">Hapag Lloyd<\/a> said it would introduce land corridors through Saudi Arabia to minimize the impact of disruptions to client businesses, as the German carrier continues to reroute shipments via the Cape of Good Hope until further notice.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\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> A cloudy day in Cairo lies ahead with a high of 18\u00b0C and a low of 12\u00b0C at night along with some potential drizzles. Expect more sun in the capital city for the rest of the long weekend, with highs of 20-21 during the day and chilly 12\u00b0C at night, according to our favorite weather app. <\/p>\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>Attention, bookworms: <\/strong>The <a target=\"_blank\" href=\"https:\/\/fairs.gebo.gov.eg\/\" style=\"\" rel=\"noopener\">Cairo International Book Fair<\/a> opens its doors to thegeneral public starting today from 10am to 9pm. The fair will be held at the <a target=\"_blank\" href=\"https:\/\/maps.app.goo.gl\/hd5k8fKXkcAF4GXz9\" style=\"\" rel=\"noopener\">Egypt International Exhibitions Center<\/a> and run every day from 10am to 8pm \u2014 except for Thursdays and Fridays, when doors will close at 9pm \u2014 until Tuesday, 6 February.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends. We hope you\u2019re having a relaxing long weekend \u2014 enjoy it to the fullest: it\u2019s the last one we\u2019ll get until Eid Al Fitr in April. To make the most of it in this chilly weather, we recommend a heartwarming gathering over a feast with family and friends. In today\u2019s Enterprise Guide [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":614069,"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":[104,6653,272,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-economy","tag-enterprise-weekend","tag-imf","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"12e3c5bc-34d8-49d2-a546-5825fa7222bc","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/12\/572.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IMF pays us a visit + state-run banks impose more credit cards restrictions","related_issue":[614066],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.ee18cf14-9691-4751-be96-9267f2f5e450.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>IMF pays us a visit + state-run banks impose more credit cards restrictions - 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\/25\/imf-pays-us-a-visit-state-run-banks-impose-more-credit-cards-restrictions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF pays us a visit + state-run banks impose more credit cards restrictions\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. We hope you\u2019re having a relaxing long weekend \u2014 enjoy it to the fullest: it\u2019s the last one we\u2019ll get until Eid Al Fitr in April. To make the most of it in this chilly weather, we recommend a heartwarming gathering over a feast with family and friends. 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We hope you\u2019re having a relaxing long weekend \u2014 enjoy it to the fullest: it\u2019s the last one we\u2019ll get until Eid Al Fitr in April. To make the most of it in this chilly weather, we recommend a heartwarming gathering over a feast with family and friends. 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We hope you have a warm and restful weekend on these very chilly days.On this cold morning, we think more of people in need. And in our Enterprise Guide this week we will try to help you with some tips to incorporate small acts\u2026","rel":"","context":"In &quot;THE WEEK IN REVIEW&quot;","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1058.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585350,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/14\/lots-of-macro-updates\/","url_meta":{"origin":614068,"position":3},"title":"Lots of macro updates","author":"enterpriseam admin","date":"14 April 2023","format":false,"excerpt":"Good morning, friends. 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