{"id":625688,"date":"2018-08-13T04:18:22","date_gmt":"2018-08-13T04:18:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/13\/what-were-tracking-on-18-august-2018\/"},"modified":"2018-08-13T04:18:22","modified_gmt":"2018-08-13T04:18:22","slug":"what-were-tracking-on-18-august-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/13\/what-were-tracking-on-18-august-2018\/","title":{"rendered":"What we\u2019re tracking on 18 August 2018"},"content":{"rendered":"

<\/a> The CBE\u2019s Monetary Policy Committee (MPC) is expected to keep interest rates on hold when it meets this Thursday. <\/strong>Despite a slowdown in inflation levels to 13.5% in July, compared to 14.4% in June, HC Securities Chief Economist Sara Saada says the CBE is expected to maintain overnight deposit and lending rates unchanged at 16.75% and 17.75% at its upcoming meeting to allow the economy more time to fully absorb the shock of price hikes that came about as the result of increases to the costs of energy. \u201cWe expect monthly inflation to start normalizing in August to c. 1% on the phasing out of first and second round effects of fuel, electricity, and tax reforms, resulting in nearly stable yearly inflation in August.\u201d Inflation levels are seen \u201cnormalizing\u201d by the fourth quarter of the year, \u201cafter which we may witness further monetary policy easing, if exogenous factors including international oil prices, exchange rate, and emerging market yields are favorable.\u201d<\/p>\n

Our friends at Pharos Holdings also hold the view that the CBE will maintain interest rates. <\/strong>The bank sees annual headline inflation rising to an average 13.2% in 1Q2018-19, up from an average 12.8% in the fourth quarter of FY2017-18, before it begins to ease after September, \u201conce the fiscal consolidation impact is fully absorbed by the economy and has fully reflected on the prices of goods and services, in addition to the end of back-to-school season.\u201d We have a detailed breakdown on the report in our The Market Yesterday section below or you can view the full report here (pdf)<\/a>.<\/p>\n

Real estate taxes are again in the news after the Tax Authority issued a booklet outlining the conditions for exemption from the tax<\/strong>, Ahram Online reports<\/a>. Property worth less than EGP 2 mn will be eligible for exemption from paying a real estate tax. Homes whose net annual income from rent is less than EGP 24,000 will also be eligible for exemption. Those found guilty of evading taxes will pay a EGP 1,000-5,000 fine on top of the tax. The booklet was issued as the ministry postponed the deadline for paying real estate taxes to 15 October from 15 August.<\/p>\n

Yemeni President Abdrabbuh Mansur Hadi is meeting President Abdel Fattah El Sisi in Cairo today<\/strong>, Yemen\u2019s media minister said, Youm7 reports<\/a>. Hadi will also meet with several other Egyptian officials during his two-day visit, including Parliament Speaker Ali Abdel Aal.<\/p>\n

Higher Education Minister Khaled Abdel Ghaffar is set to sign an agreement with China\u2019s ambassador to Egypt Song Aiguo today<\/strong>, according to an emailed Investment Ministry statement (pdf)<\/a>. The details of the agreement were not disclosed.<\/p>\n

The biggest story of the day for emerging markets continues to be the Turkish lira\u2019s slow and agonizing death alone in the psych ward with no one visiting or sending flowers. We go in-depth on how the crisis could prove beneficial for Egypt and the impact on EMs further below in the Speed Round.<\/strong> But first, a look at the latest updates on the crisis.<\/p>\n

A placebo effect appeared to take shape on Sunday<\/strong>, with the lira firming up to TRY 6.86 to the USD after falling to an all-time low of TRY 7.24, Reuters report.<\/a><\/p>\n

The placebo:<\/strong> Turkey\u2019s Finance Minister said that the government will announce a series of comprehensive economic policies to counter the downslide that would impact everything from banks to SMEs.<\/p>\n

Why it won\u2019t work #1: <\/strong>The minister echoed none other than his his father-in-law President Recep Tayyip Erdogan\u2019s nationalist rhetoric that this was economic war, which will only serve to dig themselves even further in the mess.<\/p>\n

Why it won\u2019t work #2: <\/strong>Erratic economic and monetary policies by the Erdogan government have played as much of a hand in this as the political mess leading to the US tariffs, with the TRY being among the weakest currencies at the heart of the EM zombie apocalypse. Furthermore, the Erdogan administration seems paralyzed by the politics and has stood by and watched their economy meltdown. As investors urge the central bank to take action, policy makers fear that any rise in interest rates would be offset by another round of US sanctions, Bloomberg notes<\/a>.<\/p>\n

KSA fund looking to enter Tesla buyout:<\/strong> In other global business news, the Saudi Kingdom\u2019s Public Investment Fund is exploring how it can be involved in the potential transaction, according to people with knowledge of the fund\u2019s plans tell Bloomberg<\/a>. The fund recently built a stake just shy of 5% in Tesla. The move comes as Tesla founder Elon Musk moves forward plans to take the company private despite concerns by the board, skepticism by short sellers, and lawsuits from investors.<\/p>\n

Expect Mo Salah to feature heavily in the local and foreign press lately as the Premier League kicks off this week. <\/strong>The Liverpool striker started the season strong, scoring the first goal<\/a> in Liverpool\u2019s 4-0 victory of West Ham.<\/p>\n

(Some of us here are very unhappy about the 2-0 defeat of Arsenal by Man City, but it could have been worse).<\/p>\n","protected":false},"excerpt":{"rendered":"

The CBE\u2019s Monetary Policy Committee (MPC) is expected to keep interest rates on hold when it meets this Thursday. Despite a slowdown in inflation levels to 13.5% in July, compared to 14.4% in June, HC Securities Chief Economist Sara Saada says the CBE is expected to maintain overnight deposit and lending rates unchanged at 16.75% […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7204],"tags":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-625688","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"548300b8-5da3-4fe5-9d3e-eb19f49e76db","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[625686],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 18 August 2018 - 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\/2018\/08\/13\/what-were-tracking-on-18-august-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 18 August 2018\" \/>\n<meta property=\"og:description\" content=\"The CBE\u2019s Monetary Policy Committee (MPC) is expected to keep interest rates on hold when it meets this Thursday. 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Analysts\u2019 expectations that interest rates will remain unchanged comes despite inflation cooling in July to\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641494,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/25\/what-were-tracking-this-week-131\/","url_meta":{"origin":625688,"position":1},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"25 September 2017","format":false,"excerpt":"The central bank\u2019s monetary policy committee will meet on Thursday to decide on interest rates. It\u2019s the MPC\u2019s first meeting since the announcement earlier this month that the core inflation rate dropped to 34.86% in August, from 35.26% in July and comes after the US Federal Reserve\u2019s FOMC left the\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624537,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/12\/headline-inflation-inches-up-again-in-august-after-brief-slowdown-in-july-monthly-core-inflation-eases-to-1-8\/","url_meta":{"origin":625688,"position":2},"title":"Headline inflation inches up again in August after brief slowdown in July, monthly core inflation eases to 1.8%","author":"enterpriseam admin","date":"12 September 2018","format":false,"excerpt":"**#5 Headline inflation inches up again in August after brief slowdown in July, monthly core inflation eases to 1.8%: Annual headline inflation climbed to 14.2% in August, up from 13.5% in July, data from the central bank showed on Monday (pdf). Annual core inflation \u2014 the CBE\u2019s preferred gauge, which\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":644800,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/04\/what-were-tracking-this-week-149\/","url_meta":{"origin":625688,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"4 July 2017","format":false,"excerpt":"Nine out of 10 economists polled by Reuters believe that it is unlikely that the Central Bank Monetary Policy Committee will move to raise interest rates at its meeting this Thursday, despite anticipating a rise in inflation over the coming months as a result of last Thursday\u2019s fuel hikes. \"We\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":606084,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/august-was-a-record-breaking-month-and-not-the-good-kind\/","url_meta":{"origin":625688,"position":4},"title":"August was a record-breaking month (and not the good kind)","author":"enterpriseam admin","date":"11 September 2023","format":false,"excerpt":"A series of currency devaluations has sent consumer prices surging this year","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/692.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628722,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/headline-inflation-drops-as-core-inflation-inches-up-slightly-in-april\/","url_meta":{"origin":625688,"position":5},"title":"Headline inflation drops as core inflation inches up slightly in April","author":"enterpriseam admin","date":"13 May 2018","format":false,"excerpt":"It\u2019s also interest rate week, ladies and gentlemen. 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