{"id":616644,"date":"2024-03-08T00:00:00","date_gmt":"2024-03-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/08\/egypt-floats-its-currency-agrees-with-imf-on-a-usd-8-bn-program\/"},"modified":"2024-03-08T00:00:00","modified_gmt":"2024-03-08T00:00:00","slug":"egypt-floats-its-currency-agrees-with-imf-on-a-usd-8-bn-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/08\/egypt-floats-its-currency-agrees-with-imf-on-a-usd-8-bn-program\/","title":{"rendered":"Egypt floats its currency, agrees with IMF on a USD 8 bn program"},"content":{"rendered":"

Good morning, ladies and gentlemen, and happy Friday. <\/strong>It is the last weekend before Ramadan and if you are observing you might find yourself dreading the endless iftars that you will have to host.<\/p>\n

But fear not, most cherished reader, <\/strong>we put together an entire list of local names that will help you curate that cozy Ramadan experience down to the t. <\/p>\n

Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> We\u2019ll be back on Sunday at 6am with Enterprise Egypt AM. Until then: Enjoy the weekend.<\/p>\n

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

ECONOMY-<\/strong><\/p>\n

The float has been the word on everyone\u2019s lips since Wednesday morning<\/strong> after the Central Bank of Egypt (CBE) decided to allow the exchange rate to be determined by market forces. The bank announced it during a special meeting at which the CBE\u2019s Monetary Policy Committee also decided to hike key policy rates by 600 bps. The USD is now settling at EGP 49.7-49.4 from EGP 30.95 on the day before the float.<\/p>\n

A few hours later, Madbouly\u2019s government sealed an agreement for a USD 8 bn program<\/strong> with the International Monetary Fund (IMF) <\/strong>that could add another USD 1-1.2 bn in climate finance if separate negotiations translate into an agreement, Prime Minister Moustafa Madbouly said at a press conference on Wednesday afternoon with Central Bank of Egypt Governor Hassan Abdalla and IMF mission chief for Egypt Ivanna Hollar (watch, runtime: 18:13<\/a>).<\/p>\n

Cabinet agreed with the IMF to implement structural reforms that would also include \u201ca <\/strong>new framework to slow down [public] infrastructure spending<\/strong>, including projects that have so far operated outside regular budget oversight,\u201d Hollar explained. The government will introduce a ceiling on public investment for FY 2024-25, where the total of all public investment spending \u2014 that includes all ministries, economic bodies, the Public Enterprise Ministry\u2019s companies, and state-owned companies \u2014 will not exceed EGP 1 tn, according to Madbouly.<\/p>\n

New high-interest CDs: <\/strong>State-owned Banque Misr and National Bank of Egypt have rolled out high-interest certificates of deposit (CDs) (here<\/a> and here, pdf<\/a>). The three-year CDs carry a declining rate, offering buyers an annual payment of 30% for the first year, 25% for the second year, and 20% for the third year, or quarterly or monthly payouts at reduced annual rates. Quarterly payouts start at a 27% annual rate, declining 400 bps each year, while monthly payouts start at 26% and decline 350 bps each year.<\/p>\n

FX spending limit revisited: <\/strong>The CBE told banks they can ease over time limits on foreign-currency transactions. The central bank is leaving each institution to ease restrictions at its own pace. The CBE is also allowing banks to ease curbs on the use of EGP credit cards for FCY-transactions in Egypt. It remains unclear when it will scrap limits on the use of EGP debit cards abroad.<\/p>\n

Portfolio investors are coming back: <\/strong>Egypt local-currency bonds are now offering the third highest among 23 developing economies, according to data tracked by Bloomberg. \u201cThe return of portfolio inflows would lock in the final piece of the funding puzzle for Egypt,\u201d the news service wrote. JP Morgan recommended buying our one-year t-bills at auction yesterday, Reuters reports citing a note from the bank, in another sign that the Egyptian debt will be once again lucrative to foreign investors following the float and the jumbo-sized 600 bps rate hike.<\/p>\n

LOGISTICS-<\/strong><\/p>\n

Egypt to launch project to double the remainder of the Suez Canal:<\/strong> The government has conducted<\/a> preliminary studies on a project to duplicate the remainder of the Suez Canal to better support two-way traffic, Suez Canal Authority (SCA) boss Osama Rabie said on Sunday. Engineering consulting companies ACE Moharram Bakhoum and Dar Al Handasah are working on the feasibility studies and identifying what partners the government can work with before the matter is once again raised to the president, Rabie said.<\/p>\n

PRIVATIZATION-<\/strong><\/p>\n

Gov\u2019t sets the wheels in motion on the first post-float privatization project: <\/strong>Cabinet has given Nilus Hotel and Commercial Services<\/a> and Nilus Residential Services<\/a> approval to build two commercial and residential towers on the National Democratic Party\u2019s (NDP) former headquarters, according to a decision published in the Official Gazette this week. The two projects, reportedly worth a combined USD 5 bn<\/a>, are due for completion in 2Q 2028.<\/p>\n

Mystery Emirati company submits bid for 40% stake in Misr Life Ins.:<\/strong> An unnamed Emirati company is looking to snap up a 20% stake in the Misr Ins. Holding subsidiary, before upping its stake to 40% after a year, a government official reportedly told<\/a> Arab World Press. The company has finished reviewing the ins. company\u2019s files and has requested certain amendments. However, the Sovereign Fund of Egypt (SFE) \u2014 which currently fully owns Misr Ins. Holding \u2014 wants to keep a controlling stake in the subsidiary, the source added.<\/p>\n

ENERGY-<\/strong><\/p>\n

South Korea\u2019s SK ecoplant to build USD 2 bn green ammonia plant in Egypt:<\/strong> South Korean construction and plant operation company SK ecoplant<\/a> will work with China\u2019s state-run construction giant China State Construction Engineering Corporation<\/a> (CSCEC) to build<\/a> a green hydrogen and green ammonia plant in the Suez Canal Economic Zone (SCZone). The companies will set up and use 778 MWs of renewables \u2014 500 MW of solar energy and 278 MW of onshore wind energy \u2014 to produce 50k tons of green hydrogen and 250k tons of green ammonia a year by 2029 when the project is slated to be fully operational.<\/p>\n

WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n

<\/p>\n

We will know on Sunday whether Ramadan will begin on Monday or Tuesday <\/strong>when Dar Al Ifta holds its traditional crescent sighting. (Our money is on the Monday after the National Research Institute for Astronomy and Geophysics called the ball<\/a>.)<\/p>\n

Ramadan hours kick in next week:<\/strong> Shops, malls, restaurants, and cafes will be allowed to stay open until 2 am during the month of Ramadan and the Eid Al Fitr holiday, according to a Local Development Ministry decision<\/a> published in the Official Gazette. The extended hours will come into effect on Sunday.<\/p>\n

Bank hours will run 9:30am-1:30pm through Ramadan<\/strong> (9am to 2pm for staff), The CBE said in a statement yesterday.<\/p>\n

Meanwhile, at government offices: <\/strong>Public sector employees will be heading to work from 9 am to 2 pm during the holy month, according to a cabinet statement<\/a>.<\/p>\n

\n

Inflation: <\/strong>Capmas and the CBE will publish the latest inflation data on Sunday.<\/p>\n

AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

Apple has been slapped with a USD 2 bn fine by the European Commission<\/strong> for breaching<\/a> EU antitrust laws by preventing music streaming apps from informing iPhone users about cheaper subscription options paid for outside iPhone apps. The whopping fine for \u201cabusing its dominant position\u201d is designed to deter Apple and other giant companies from taking similar actions in the future. (Reuters<\/a> | CNBC<\/a> | Associated Press<\/a>)<\/p>\n

Powell hints at rate cut this year: <\/strong>Federal Reserve Chair Jay Powell said it was \u201cnot far\u201d from the confidence it needs in a sustained decline of inflation to 2% before considering rate cuts, Reuters<\/a> reported. Powell\u2019s remarks helped spur investor confidence in a potential June rate cut, leading to a rally in the S&P 500 that led to a record closing high yesterday, Reuters<\/a> writes. The Nasdaq also hit an intraday record high and narrowly missed a closing high, settling up 1.5%.<\/p>\n

Republican challenger Nikki Hailey drops out of the race for the White House<\/strong>, after Trump and Biden sailed to resounding victories on Super Tuesday. \u201cThe time has now come to suspend my campaign,\u201d the former UN ambassador told her supporters, paving the way for a Biden-Trump rematch on 5 November.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\u2600\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong>Look out for a partly cloudy weekend in Cairo with Friday bringing a high of 23\u00b0C and a low of 12\u00b0C. While Saturday warms up a bit to a high of 25\u00b0C with an early morning low of 13\u00b0C, according to our favorite weather app.<\/p>\n

HAPPENING THIS WEEKEND-<\/p>\n

FILM-<\/p>\n

Don\u2019t miss Egyptian classic Khalli Balak Min ZouZou <\/strong>at 7pm today and tomorrow at Zawya Cinema, Downtown Cairo. Get your tickets here<\/a>.<\/p>\n

ENTERTAINMENT-<\/strong><\/p>\n

Share a laugh or two at <\/strong>Room Art Space NC<\/a><\/strong>\u2019s Stand-Up night with <\/strong>Cairo Comedy Club<\/a><\/strong>tomorrow from 9pm. Get your tickets here<\/a>.<\/p>\n

MUSIC-<\/strong><\/p>\n

Tablet El Sitt <\/strong>are<\/strong> taking the stage alongside our ancestors at the Grand Egyptian <\/strong>Museum<\/strong> (GEM) today from 7pm. The all-female band is dedicated to resurrecting Egypt\u2019s ancient musical heritage, immersing you in the rich tapestry of Egyptian folk rhythms, vibrant singing, and dynamic dance performances. Get your tickets here<\/a> and don\u2019t miss out on this celebration of culture and tradition.<\/p>\n

Let your inner star shine at <\/strong>Cairo Jazz Club 610<\/a><\/strong>\u2019s <\/strong>Karaoke Night<\/a><\/strong>tomorrow from 8pm. Gather your friends and take the stage this weekend to sing your favorite tunes. For reservations, message them on their Facebook page<\/a>.<\/p>\n

EVENTS-<\/strong><\/p>\n

Bibliothek Egypt<\/a><\/strong> is having a <\/strong>book signing and discussion<\/a><\/strong> of The Chimera by Hossam<\/strong> Badrawy <\/strong>tomorrow at 6:30pm. There are also offers<\/a> on a selection of books in honor of International Women\u2019s Day and Mother\u2019s Day.<\/p>\n

COMMUNITY SERVICE-<\/strong><\/p>\n

Join <\/strong>Ultra Ibex<\/a><\/strong> on their <\/strong>Wadi Degla clean-up event<\/a><\/strong> tomorrow. All you have to do is wear your trainers, sunglasses, and refillable water bottles and head down to Wadi Degla Protectorate<\/a> at 10am. You can sign up here<\/a>.<\/p>\n

HAPPENING NEXT WEEKEND-<\/p>\n

Osana\u2019s upcoming <\/strong>bazaar<\/a><\/strong> is a two-in-one Ramadan and Mother\u2019s Day theme. <\/strong>Happening on Saturday, 16 March, you\u2019ll find gifts, decorations, and Ramadan essentials as well as a Sohour between 7pm and 11pm.<\/p>\n","protected":false},"excerpt":{"rendered":"

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We have tried a wide selection\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","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\/572.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582572,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/10\/lots-of-macro-privatization-and-fdi-updates-sczone-officials-are-heading-to-vietnam-next-week\/","url_meta":{"origin":616644,"position":2},"title":"Lots of macro, privatization and FDI updates + SCZone officials are heading to Vietnam next week","author":"enterpriseam admin","date":"10 March 2023","format":false,"excerpt":"Good morning, nice people, and happy FRIDAY. Ramadan is officially less than two weeks away, so we\u2019re cherishing the last days of morning coffee and nice, big Friday breakfasts \u2014 we hope you are too.Enterprise Weekend comes out each Friday at 9:00am CLT. We\u2019ll be back on Sunday at 6am\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","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\/3\/Earnings-counting-money-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584482,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/31\/its-the-second-week-of-ramadan-is-the-fy-2023-2024-draft-budget-coming-next-week\/","url_meta":{"origin":616644,"position":3},"title":"It\u2019s the second week of Ramadan + is the FY 2023-2024 draft budget coming next week?","author":"enterpriseam admin","date":"31 March 2023","format":false,"excerpt":"Good morning, friends, and welcome to the second week of Ramadan. Are you a \u201cRamadan is flying by\u201d person or a \u201cIt is crawling at a snail\u2019s pace\u201d person? On most days, we\u2019re the latter. Not helping is the flurry of privatization and M&A news\u2026and the wait for the next\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","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\/3\/702.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579764,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/egypt-takes-on-belgium-this-weekend-in-a-pre-world-cup-friendly\/","url_meta":{"origin":616644,"position":4},"title":"Egypt takes on Belgium this weekend in a pre-World Cup friendly","author":"enterpriseam admin","date":"17 November 2022","format":false,"excerpt":"\u26bd Tick, tock, World Cup: As the world prepares for the biggest fixture on the global football calendar, the participating teams are warming up with a few friendlies before the real action kicks off. There are a few games to keep an eye on this weekend, starting with Jordan v\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582028,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/10\/the-weekend-edition-is-back-say-hello-to-our-newest-sponsors-hassan-allam-properties\/","url_meta":{"origin":616644,"position":5},"title":"The Weekend Edition is back + Say hello to our newest sponsors, Hassan Allam Properties","author":"enterpriseam admin","date":"10 February 2023","format":false,"excerpt":"Happy Friday morning, everyone \u2014 and wow, is it good to be back. Once upon a time, we published a Friday weekend edition. It was super popular \u2014 but we mothballed it. 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