{"id":658031,"date":"2024-12-30T00:00:00","date_gmt":"2024-12-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/instapay-wont-charge-individuals-transfer-fees-through-march\/"},"modified":"2024-12-30T00:00:00","modified_gmt":"2024-12-30T00:00:00","slug":"instapay-wont-charge-individuals-transfer-fees-through-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/instapay-wont-charge-individuals-transfer-fees-through-march\/","title":{"rendered":"Instapay won\u2019t charge individuals transfer fees through March"},"content":{"rendered":"

Good afternoon folks, and welcome to your final PM edition for this calendar year. <\/strong>We have all the latest for you today on the Central Bank of Egypt\u2019s decision to extend Instapay transfer fee exemptions through March, Eni\u2019s postponement of planned drilling operations, and the secret behind Reddit\u2019s recent stock market success.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

#1- No Instapay transfer fees for the first three months of 2025: <\/strong>The Central Bank of Egypt has announced that it will be extending Instapay transfer fee exemptions for individuals for three months effective 1 January, with the policy subject to possible renewal at the end of the period, according to a press release (pdf)<\/a>.<\/p>\n

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#2- Increased drilling operations in Zohr postponed:<\/strong> Italian energy giant Eni has pushed back plans to ramp up its drilling operations in the Zohr gas field beginning this month<\/a>, an anonymous government official told Asharq Business<\/a>. The planned production increase of 220 mn cubic feet of gas per day will now come in May 2025.<\/p>\n

Why the delay? <\/strong>While Eni attributed the setback to unstable weather this winter, the official noted that Eni had delayed restarting drilling operations a number of times after its request to export gas through Damietta\u2019s liquefaction plant was refused, with the source citing a desire to preserve the field\u2019s production for the local market as a driving factor.<\/p>\n

REMEMBER-<\/strong> Earlier this year, Eni announced<\/a> that it would be drilling two new wells in its Zohr field shortly after the government cleared up USD 1.3 bn in arrears owed to foreign energy companies.<\/p>\n

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#3- FRA greenlights Beltone capital increase: <\/strong>The Financial Regulatory Authority (FRA) approved Beltone Holding\u2019s request to raise its capital by EGP 10.75 bn, according to an EGX disclosure (pdf)<\/a>. The company will now convene an extraordinary general assembly meeting to sign off on the capital increase. The move, which Beltone first announced<\/a> last week, follows an EGP 10 bn capital increase last year<\/a>.<\/p>\n

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CORRECTION- <\/strong>In Sunday\u2019s issue of EnterpriseAM Egypt, we cited a research note by Al Ahly Pharos stating that Egypt\u2019s external obligations in 2026 are estimated to sit at USD 55 bn. The investment bank\u2019s actual estimate for Egypt is to pay USD 55 bn in total between 2025 and the end of 2026. The story has been corrected on our website<\/a>.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

It\u2019s another quiet day in international news<\/strong>, with most of the global press powered down as the year comes to a close. Alongside headlines still dominated by South Korea\u2019s horrific Jeju Air crash and the passing of former US president Jimmy Carter, Reuters<\/a> reports that South Korean investigators are seeking an arrest warrant for suspended South Korean president Yoon Suk Yeol after his brief imposition of martial law earlier this month. If a court signs off on the warrant, Yoon \u2014 who has failed to respond to summons by the country\u2019s police and corruption investigations office \u2014 would become the first incumbent president to face arrest in the country\u2019s history.<\/p>\n

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