{"id":626248,"date":"2024-06-27T00:00:00","date_gmt":"2024-06-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/27\/egp-inches-up-against-the-greenback-after-weakening-every-day-this-week\/"},"modified":"2024-06-27T00:00:00","modified_gmt":"2024-06-27T00:00:00","slug":"egp-inches-up-against-the-greenback-after-weakening-every-day-this-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/27\/egp-inches-up-against-the-greenback-after-weakening-every-day-this-week\/","title":{"rendered":"EGP inches up against the greenback after weakening every day this week"},"content":{"rendered":"

Good morning, friends. <\/strong>It seems that everyone in Egypt is gearing up for a long weekend to mark the eleventh anniversary of the 30 June revolution \u2014 everyone that is, except anyone who\u2019s heading to the two-day EU-Egypt Investment Conference kicking off on Saturday.<\/p>\n

EnterpriseAM Egypt will also be off for June 30<\/strong>, but we will be back in your inbox bright and early on Monday with all the latest from over the weekend and from the EU-Egypt conference that will have just wrapped up.<\/p>\n

But before we jump into the long weekend<\/strong>, there\u2019s still one workday ahead of us and plenty of local business news to get through. In today\u2019s issue, we\u2019ve ironically got no shortage of energy and power cut news, announcements of big ticket investments coming to the SCZone from abroad, and much, much more. So, let\u2019s jump right into it.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> Could the NBE and Banque Misr cut record high-interest CDs after the CBE\u2019s<\/strong> upcoming rate policy meeting? <\/strong>The National Bank of Egypt and Banque Misr will decide on whether to continue or stop issuing the high-interest CDs following the Central Bank of Egypt\u2019s Monetary Policy Committee meeting on 18 July, Al Arabiya<\/a> reports, citing unnamed banking sources. The two banks are still issuing high-interest certificates of deposit (CDs) with rates of 27% and 23%, despite statements in May<\/a> that they were considering replacing with CDs with a lower return. <\/p>\n

CIB has already made the move: <\/strong>CIB became the f<\/a>irst bank to lower rates<\/a> on high-interest CDs earlier this month following the 600 bps hike and float of the EGP in March.<\/p>\n

The why: <\/strong>Naeem\u2019s Hesham Hamdey told the outlet thinks the decision of the two state-owned banks to keep rates on high-interest CDs stable as a sign that the central bank will keep monetary policy tight and only gradually begin cutting rates at the end of the year. CI Capital\u2019s Sara Saada also pointed to competition between banks to maintain their customer case during periods of high inflation as a reason behind the banks\u2019 decision to keep returns for CDs at record highs.<\/p>\n

PSA- <\/p>\n

WEATHER- <\/strong>Much like yesterday, it\u2019s another scorchio day in Cairo today, with a high of 41\u00b0C and a low of 26\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria and the North Coast<\/strong>, with a high of 35\u00b0C and a low of 23\u00b0C.<\/p>\n

And over the long weekend, <\/strong>expect to see temperatures in the capital inching up to 41\u00b0C on Friday before falling slightly to 39\u00b0C on Saturday and Sunday. Temperatures for our friends on the Mediterranean are set to fall gradually to 33\u00b0C by Sunday.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Want to subscribe?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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

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FX WATCH-<\/p>\n

<\/a> #1- <\/strong>EGP inches up against the greenback of consecutive drops following the Eid Al Adha<\/strong> break: <\/strong>The USD was trading hands at EGP 48.14 by the end of the day yesterday at the Central Bank of Egypt, weakening against the national currency since yesterday by EGP 0.31.<\/p>\n

\n

<\/a> #2- BdC lowers credit card limits, leaves FX markup at 10%:<\/strong> State-owned lender Banque du Caire (BdC) eased<\/a> its FX credit card limits yesterday, while keeping its FX commission stable at 10%, according to the lender\u2019s T&Cs (pdf)<\/a>. The move follows CIB<\/a>, Banque Misr, and the National Bank of Egypt (NBE)<\/a>, who raised their FX limits and \u2014 unlike BdC \u2014 slashed their FX commission in half to 5%. BdC clients will now be able to spend the equivalent of EGP 40k-280k on monthly FX transactions made while abroad.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

What everyone in the global press is talking about now: <\/strong>Troops in Bolivia<\/a> have pulled back from the presidential palace and nearby areas after trying to occupy the compound. <\/p>\n

What they\u2019ll be talking about when the business day begins: <\/strong>The 31 largest US banks have passed their annual \u201cstress tests,\u201d<\/a> with this year\u2019s scenario testing who could be wiped out by a hypothetical scenario that included 10% unemployment in the midst of a deep recession that also saw real estate prices drop 36-40%. The impact on the sector would be nasty, but banks including Goldman Sachs and JPMorgan Chase would all meet minimum regulatory standards. <\/p>\n

What they\u2019ll be talking about tonight and into the weekend: <\/strong>Donald Trump<\/a> and Joe<\/a>Biden<\/a> face off tonight in the first of two presidential election debates. The fireworks start at 9pm Eastern (that\u2019s 4am in Cairo and Riyadh, 5am in Abu Dhabi and Dubai). You\u2019ll need to tune in to CNN to catch it, though it looks like they also plan to stream it on Youtube<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. It seems that everyone in Egypt is gearing up for a long weekend to mark the eleventh anniversary of the 30 June revolution \u2014 everyone that is, except anyone who\u2019s heading to the two-day EU-Egypt Investment Conference kicking off on Saturday. 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It is finally the weekend and if that weren\u2019t cause enough for celebration, we have good news on the business and investment front to leave you with.THE BIG STORY TODAY UAE\u2019s Al Futtaim Group is looking to invest around USD 700-USD 1 bn in Egypt over\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637924,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/29\/what-were-tracking-on-29-november-2017\/","url_meta":{"origin":626248,"position":1},"title":"What we\u2019re tracking on 29 November 2017","author":"enterpriseam admin","date":"29 November 2017","format":false,"excerpt":"Unless you work in retail, today is the last day of the work week. Banks, the EGX, the finance industry, most manufacturers and the public sector will be closed in observance of Prophet Muhammad\u2019s birthday, which officially falls on Friday 1 December.The end of the \u201cchequebook era\u201d of government: Today\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":580907,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/this-evening-el-sisi-signs-mous-with-indias-modi-pitches-indian-business-on-investments-in-egypt-happy-long-weekend-everyone\/","url_meta":{"origin":626248,"position":2},"title":"THIS EVENING: El Sisi signs MoUs with India\u2019s Modi, pitches Indian business on investments in Egypt + Happy long weekend, everyone","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"Good afternoon, friends. We\u2019re just a few short hours away from the long weekend here in Egypt \u2014 we hope those of you getting time off enjoy it, considering we won\u2019t get another holiday for a while.THE BIG STORY TODAY El Sisi signs cooperation MoUs with India during New Delhi\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/745.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580563,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/this-evening-egp-slips-against-the-usd-to-new-record-merry-christmas-everyone\/","url_meta":{"origin":626248,"position":3},"title":"THIS EVENING: EGP slips against the USD to new record + Merry Christmas, everyone","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"Happy THURSDAY, wonderful people. We made it through the first work week of 2023 and are being rewarded with another long weekend. Merry Christmas to all of our Coptic Christmas friends and anybody else who is observing the day this weekend.PSA- EnterprisePM is taking a day off this coming Sunday,\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/607.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628224,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/01\/act-financial-kicks-off-ipo-process-tomorrow\/","url_meta":{"origin":626248,"position":4},"title":"Act Financial kicks off IPO process tomorrow","author":"enterpriseam admin","date":"1 July 2024","format":false,"excerpt":"Good afternoon, friends, and welcome back to the grind after a long weekend. We hope you had a restful break.THE BIG STORY TODAY- Act Financial is kicking off its IPO procedures tomorrow in an event held alongside IPO manager Zilla Capital, the investment management firm said in an announcement seen\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1463.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629407,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/what-were-tracking-this-week-30\/","url_meta":{"origin":626248,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"30 May 2018","format":false,"excerpt":"President Abdel Fattah El Sisi will be sworn in for his second presidential term on Saturday, 2 June, at the House of Representatives, Ahram Gate reports. Afreximbank is hosting a conference on deepening Egypt-Africa Trade tomorrow. The event is a precursor to the Afreximbank-backed Intra-African Trade Fair, set to run\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=626248"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626248\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/626246"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/626249"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=626248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626248"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626248"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}