{"id":657633,"date":"2024-12-24T00:00:00","date_gmt":"2024-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/"},"modified":"2024-12-24T00:00:00","modified_gmt":"2024-12-24T00:00:00","slug":"usd-breaks-the-egp-51-barrier","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/","title":{"rendered":"USD breaks the EGP 51 barrier"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, all. <\/strong>It\u2019s another calm morning in local and international business news as we inch closer to the new year. We suspect the news slowdown is here to stay until the ball drops. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BEFORE WE DIVE IN- <\/strong>A very Merry Christmas to all those of you celebrating today and tomorrow. We hope the cold weather and the sprinkles of red and green throughout the city have put you in a festive mood.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a money story in the Gulf. <\/strong>Take one look at the news, and you\u2019ll see headlines about Saudi Arabia\u2019s rapidly changing economy, Qatar\u2019s investment in mass infrastructure, and the UAE\u2019s transformation into a global tech hub. The geopolitical tectonic plates are shifting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">To stay up to date on the business happening in the Gulf that is impacting the world around you, <strong><a target=\"_blank\" href=\"https:\/\/www.semafor.com\/newsletters\/gulf?utm_medium=swap&amp;utm_source=swaps&amp;utm_campaign=enterpriseam2\" style=\"\" rel=\"noopener\">check out our friends at Semafor Gulf<\/a><\/strong><strong>.<\/strong> Each issue uncovers the economic forces shaping the region \u2014 and the world. <a target=\"_blank\" href=\"https:\/\/www.semafor.com\/newsletters\/gulf?utm_medium=swap&amp;utm_source=swaps&amp;utm_campaign=enterpriseam2\" style=\"\" rel=\"noopener\">Subscribe without charge<\/a>.<\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Temps are on the decline in Cairo today, with a high of 19\u00b0C and a low of 13\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a bit warmer in Alexandria<\/strong>, with a high of 20\u00b0C and a low of 11\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p class=\"tag-border-left\">FX WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>The greenback broke the EGP 51 barrier for the first time yesterday<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/ar\/economic-research\/statistics\/exchange-rates\" style=\"\" rel=\"noopener\">data<\/a> from the central bank, marking a record low for the EGP. The EGP has been declining steadily for some time now, dipping to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f6a2fff3-4dee-4ab1-b607-3306643cba13\" style=\"\" rel=\"noopener\">EGP 50.90 against the greenback<\/a> earlier this month.<\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- WiFi calls could go live before the year wraps up: <\/strong>WiFi calling services \u2014 which enable mobile phone users to make high-quality voice calls over internet connections, rather than via mobile networks \u2014 could launch within days, as the National Telecom Regulatory Authority finalizes approvals, sources told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/12\/22\/1855484\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The service aims to fix coverage gaps in dense neighborhoods and high rises and is expected to work using 4G services with support from mobile carriers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The service \u2014 originally slated to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/775f4b65-09b5-4424-a7c4-3ea22b1405ad\/no-talks-to-sell-suez-port-management-rights-to-adp,-says-transmin\" style=\"\" rel=\"noopener\">kick off<\/a> in 2023 \u2014 was reportedly being tested by mobile operators in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1a1a4531-1fa7-400d-9dd1-1e485d4d6911\/electricity-ministry-reportedly-eyeing-electricity-price-hikes-starting-next-month\" style=\"\" rel=\"noopener\">August<\/a>, with sources saying at the time that the calls would have the same rate as regular calls per each network operator.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- A fresh green hydrogen project incoming? <\/strong>The Suez Canal Economic Zone is in the process of inking a framework agreement for a USD 7.5 bn green hydrogen project, SCZone head Walid Gamal El Din <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0S1Turac5oxtMShLiCVKKYVr5q6s9avZEcK2iraqSoPDJfRn75pygJnDkpkCdMf8Hl\" style=\"\" rel=\"noopener\">said<\/a> during a meeting with Prime Minister Moustafa Madbouly. The project will have a production capacity of 1.3 mn tons annually. The agreement will follow the signing of 12 other framework agreements for green hydrogen production.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- How many vehic<\/strong><strong>les are dealerships looking to import next year? <\/strong>The Investment Ministry is scheduled to meet with a number of automotive agents next month to discuss the amount of cars they are looking to import throughout next year, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d8%ac%d8%aa%d9%85%d8%a7%d8%b9-%d9%85%d8%b1%d8%aa%d9%82%d8%a8-%d8%a8%d9%8a%d9%86-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%88%d9%88%d9%83%d9%84%d8%a7%d8%a1-%d8%a7\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d8%ac%d8%aa%d9%85%d8%a7%d8%b9-%d9%85%d8%b1%d8%aa%d9%82%d8%a8-%d8%a8%d9%8a%d9%86-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%88%d9%88%d9%83%d9%84%d8%a7%d8%a1-%d8%a7\/\" style=\"\" rel=\"noopener\">l Ma<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d8%ac%d8%aa%d9%85%d8%a7%d8%b9-%d9%85%d8%b1%d8%aa%d9%82%d8%a8-%d8%a8%d9%8a%d9%86-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%88%d9%88%d9%83%d9%84%d8%a7%d8%a1-%d8%a7\/\" style=\"\" rel=\"noopener\">l<\/a> reports. <\/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 class=\"tag-border-left\">IN THE SENATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>The Senate gave final approval on the draft <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d8944b0-e6d6-4e6e-bebd-a6e0bc6727b5\/investors-are-looking-at-egypt%25e2%2580%2599s-long-term-debt-amid-expectations-of-rate-cuts\" style=\"\" rel=\"noopener\">Medical Liability and Patient Protection bill<\/a><\/strong> <strong> yesterday<\/strong>, paving the way for tighter medical liability regulations, enhanced patient safeguards, and the creation of a committee to oversee compliance. If passed, the current draft will introduce prison sentences and fines for health service providers who commit medical errors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Health Minister Khaled Abdel Ghaffar defended the bill<\/strong>, noting that it won\u2019t \u201cget 100% satisfaction from all parties involved\u201d but aims to \u201cstrike a balance between the rights of patients and the duties of medical service providers.\u201d He stressed that detaining doctors would only occur under \u201cstrict conditions,\u201d adding that \u201cthe doctor is not responsible for curing the patient, but just doing his best to achieve this end.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>The bill now heads to the House of Representatives for a final vote as the Senate breaks until 5 January.<\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re well into the Christmas news slowdown<\/strong> with little capturing the attention of the foreign pages this morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN THE US- Ex-congressman is facing [redacted] misconduct allegations: <\/strong>Former Florida Congressman Matt Gaetz reportedly spent tens of thousands on illicit activities, according to a report prepared by the House Ethics Committee. The committee also found evidence Gaetz violated Florida\u2019s laws, which protect against [redacted] activities with minors. Gaetz, who resigned last month after being tapped as attorney general by president-elect Donald Trump, denied the allegations but admitted to having \u201cpartied and womanized\u201d earlier in life. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/us-house-report-finds-matt-gaetz-violated-law-with-sexual-misconduct-drug-use-2024-12-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0ccd5910-113e-4b42-88e3-7eb8cdd8e23a\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/cj49ynwen8nt\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2024\/12\/23\/matt-gaetz-ethics-report\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/12\/23\/politics\/matt-gaetz-house-ethics-report\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/matt-gaetz-congress-ethics-report-538cb5387bf95925245bf87fa6b1adcb\" style=\"\" rel=\"noopener\">AP<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CLOSER TO HOME- Saudi Arabia halts BRICS membership? <\/strong>The Kremlin has reportedly announced that Saudi Arabia has frozen its full membership in the BRICS group, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/64841\/%D8%A5%D9%86%D8%AA%D8%B1%D9%81%D8%A7%D9%83%D8%B3-%D8%A7%D9%84%D9%83%D8%B1%D9%85%D9%84%D9%8A%D9%86-%D9%8A%D8%B9%D9%84%D9%86-%D8%AA%D8%AC%D9%85%D9%8A%D8%AF-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%A7%D9%86%D8%B6%D9%85%D8%A7%D9%85%D9%87%D8%A7-%D8%A5%D9%84%D9%89-%D8%A8%D8%B1%D9%8A%D9%83%D8%B3\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports citing Russian news agency Interfax. The Kingdom was invited to join the alliance over a year ago but has yet to formalise its membership.<\/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\/ads\/imgs\/239.jpg?ssl=1\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at our green goals for 2024 and what progress has been made to usher in a cleaner, more sustainable economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, all. It\u2019s another calm morning in local and international business news as we inch closer to the new year. We suspect the news slowdown is here to stay until the ball drops. BEFORE WE DIVE IN- A very Merry Christmas to all those of you celebrating today and tomorrow. We hope the cold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":657634,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[72,2234,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-foreign-exchange","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2456d7e2-a539-4462-9af5-90eba4e597ea","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/544.jpg","photo_position":"above","homepage_title":"","full_issue_title":"USD breaks the EGP 51 barrier","related_issue":[657631],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.76c061e3-2989-4ebe-8232-575d344eabf1.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>USD breaks the EGP 51 barrier - 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\/12\/24\/usd-breaks-the-egp-51-barrier\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD breaks the EGP 51 barrier\" \/>\n<meta property=\"og:description\" content=\"Good morning, all. It\u2019s another calm morning in local and international business news as we inch closer to the new year. We suspect the news slowdown is here to stay until the ball drops. BEFORE WE DIVE IN- A very Merry Christmas to all those of you celebrating today and tomorrow. We hope the cold [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-24T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/544.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"USD breaks the EGP 51 barrier\",\"datePublished\":\"2024-12-24T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/\"},\"wordCount\":938,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/544.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"foreign exchange\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/usd-breaks-the-egp-51-barrier\/\",\"name\":\"USD breaks the EGP 51 barrier - 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