How will borrowing companies cope with sharp rise in interest rates?
The overnight lending rate at the CBE reached 28.25%, imposing significant burdens on borrowing companies with high debt levels. The higher the interest rates, the greater the impact, especially for those with debts in foreign currency. She advised the borrowing companies to work on providing liquidity, which may take some time, to try to overcome the negative impact of the interest rate hike. Qalaa Holdings, one of the largest borrowers on the Egyptian Exchange, faces a significant impact from the rise in interest rates. He expected that interest rates would drop gradually in the medium term.
Source:Daily News Egypt
March 11, 2024 14:57 UTC
Annual core inflation hits 35.1% in February 2024: CBE
The annual core inflation rate reached 35.1% in February 2024, compared to 29% in January 2024. The monthly inflation rate for the whole country surged to 11% in February 2024, compared to 1.7% in January 2024. CAPMAS said that the general Consumer Price Index for the whole country was 219.4 points in February 2024, indicating an annual inflation rate of 36%, compared to 31.2% in January 2024. The committee said in its statement that it was necessary to speed up the monetary tightening process to reduce inflation and ensure a decline in monthly inflation rates, stressing the importance of controlling inflation expectations. External factors arising from global inflationary pressures have continued to build up along with successive shocks to the global economy.
Source:Daily News Egypt
March 11, 2024 14:43 UTC
Egypt's Orthodox Church starts Great Lent, Monday, for 55 days
CAIRO – 11 March 2024: Egypt’s Coptic Orthodox Church begins Great Lent, Monday, March 11, for a period of 55 days. The Church placed Great Lent among the first-class fasts during which it is forbidden to eat seafood, and only vegetarian foods are limited. Holy Week concludes with the Holy Saturday and finally celebrating Easter on Monday. Dar Al-Iftaa sighted the Ramadan crescent moon, which means that, Sunday, is the last day of Shaaban month, the eighth month of the Islamic calendar. Arab countries, including Saudi Arabia and UAE, also announced Monday the starting date of the holy month.
Source:Egypt Today
March 11, 2024 14:32 UTC
business : European Union, UNDP in Egypt visit joint projects in Sharm El-Sheikh
They explored the solar power plants funded by the European Union in Sharm El-Sheikh. These solar power stations were implemented in collaboration with the Industrial Modernization Center, a key partner of the UNDP Egypt “Egypt PV” project. The project also supported the installation of a 1 MW solar power station on the rooftop of the Sharm Convention Center before COP27. The Autoclave has a capacity of 400 liters and can treat the medical waste generated by the city of Sharm El-Sheikh. This significant achievement is credited to the “Green Sharm” project, funded by the European Union and implemented by UNDP.
Source:Daily News Egypt
March 11, 2024 11:31 UTC
business : Retal Developments acquires Center Point Development, its Harmony business complex
Monday 11 March 2024 12:08 PMRetal Developments has announced the full acquisition of Center Point Development, which owns the Harmony business complex in the New Administrative Capital (NAC). Saeed Hassan, the chairperson of Retal Developments, said: “This acquisition is part of our expansion plan to increase and diversify our business. Center Point is one of the active players in the Egyptian real estate market, which boosts the presence of Retal Developments in this promising sector.”Hassan added that Retal Developments has a land bank in the Egyptian real estate market worth more than EGP 3bn, with various residential and tourism projects, such as Retal View Resort in Ain Sokhna and Retal View Resort in North Coast. He stated: “Harmony Business Complex is a commercial administrative project that we are currently offering for sale. We will soon hold a press conference to announce our plans and vision for the Harmony Mall.”The Harmony Business Complex is located in the Downtown area of the NAC on a land area of 2,704 sqm.
Source:Daily News Egypt
March 11, 2024 11:31 UTC
Egyptian First Lady Extends Ramadan Greetings
CAIRO – 10 March 2024: Egyptian First Lady Enissar El Sisi extended her Ramadan Greetings. Egypt’s Grand Mufti Shawki Allam announced that Monday, 11 March 2024, is the first day of the holy fasting month of Ramadan of the Hijri year 1445. Dar Al-Iftaa sighted the Ramadan crescent moon, which means that Today, on Sunday, is the last day of Shaaban month, the eighth month of the Islamic calendar. Arab countries, including Saudi Arabia and UAE, also announced Monday the starting date of the holy month. It's noteworthy that Ramadan typically begins approximately 10 to 14 days earlier each Gregorian calendar year compared to the previous year.
Source:Egypt Today
March 10, 2024 20:04 UTC
Finance Minister hails Moody’s decision, outlines future plans
Mohamed Maait, the Minister of Finance, welcomed Moody’s global credit rating agency’s decision to upgrade its outlook on the future of the Egyptian economy from negative to positive. He said that this paves the way for enhancing Egypt’s credit rating shortly from this institution, which is one of the most influential globally in this field. Moody’s also expects that transferring part of the UAE deposits in Egypt to foreign direct investment, amounting to $11bn will improve the situation of the banking sector in Egypt. In the meantime, the foreign currency shortage will ease and improve due to the anticipated inflows of foreign currency in the Egyptian economy, whether through remittances, direct investments, or indirect investments in financial portfolios. Moody’s also observed that negative risks have significantly diminished, as large investments in the Ras El Hekma project will bolster Egypt’s foreign exchange reserves to cover the external financing gap until the fiscal year ending in June 2026.
Source:Daily News Egypt
March 10, 2024 18:20 UTC
CBE’s interest rate hike sparks reactions from banks
Some banks reacted quickly to CBE’s decision by increasing the interest rates on variable-return certificates and some loan products linked to CBE’s basic interest rates, which automatically adjust after any CBE decision. The banks also revised the interest rates on some of their existing certificates with fixed or variable returns. NBE also increased the interest rate on the “Ahli Daily” current account to 20% as the maximum return. Banque Misr also increased the interest rate on the current account for pensioners with a monthly return of 6% to reach 22%. The minimum amount to buy this certificate is EGP 3,000 and the interest rate is 24.25%.
Source:Daily News Egypt
March 10, 2024 15:06 UTC
business : ASGC, Saudi Egyptian Developers, and Hassan Allam alliance to develop former NDP headquarters land
They said that the total investment for the expected project, which is a mixed-use development, is about $5bn. The winning consortium will invest in the project by joining the capital of Nilus Housing and Hotel Services. The official newspaper reported that Nilus Housing and Hotel Services have obtained the golden license to establish, operate, and manage the project, including building permits. The companies are obliged to execute the project according to the set timeline. Established in the United Arab Emirates in 1989, ASGC Group provides comprehensive general contracting solutions for key sectors, such as residential, commercial, healthcare, industrial, hospitality, entertainment, infrastructure, oil, and gas, according to its website.
Source:Daily News Egypt
March 10, 2024 12:17 UTC
business : CBE’s measures are necessary to correct Egypt’s economic path: Finance Minister
Sunday 10 March 2024 12:30 PMMinister of Finance Mohamed Maait stated that the Central Bank’s recent measures, such as raising interest rates and liberalizing the exchange rate, are necessary steps to correct Egypt’s economic path. He said that fiscal and monetary policies are fully coordinated to control and reduce inflation rates to the target levels. The Finance Minister explained that the recent exchange rate adjustment is a shift to a flexible exchange rate system that depends on the supply and demand of foreign currency. He confirmed that the Ministry of Finance aims to reduce public debt to 90% of GDP by 2025. Maait emphasized that the state gives priority to investment in the industrial, agricultural, and telecommunications sectors, as well as increasing exports.
Source:Daily News Egypt
March 10, 2024 12:17 UTC
A Step-by-Step Guide to Prep for Ramadan
Each year, Ramadan gives us the opportunity to reflect and get closer to God. However, in order to prepare for it, we must change some of our daily habits to ensure staying healthy and to avoid disruptions during Ramadan, we have the guide you need. Try to limit your caffeine intake before Ramadan starts. Drink more waterBelieve us, you don't want to start Ramadan feeling dehydrated all the time. Get enough sleepAlthough we usually feel tired due to the lack of caffeine and food during Ramadan, adjusting your sleep patterns before it starts will help you avoid feeling too exhausted while you are fasting.
Source:Egypt Today
March 10, 2024 12:01 UTC
Egyptian banks adjust withdrawals and purchases limits for cards abroad
The limits for Visa Gold and MasterCard Titanium cards were increased to become the equivalent of LE 3,500 for cash withdrawals instead of LE 2,000, and LE 37,500 instead of LE 15,000 for purchases. The limits for Visa Platinum, MasterCard Platinum, MasterCard UEFA Champions League cards were also raised to LE100,000 on international purchases and LE 7,500 on cash withdrawals. Banque Misr adjusted the international spending limits on both the Golden and Islamic Gold cards to be LE10,000 for purchases instead of LE6,000 and LE3,000 for cash withdrawals. EgyBank updated the limits for purchases and international cash withdrawals to become $200 for purchases and $25 for cash withdrawals for the Classic card. The Titanium card is at $1,500 for purchases and $25 for cash withdrawals, while the Platinum card is $2,000 for purchases, $25 for cash withdrawals, $2,500 for purchases, and $25 for withdrawals for World cards.
Source:Egypt Independent
March 10, 2024 11:38 UTC
CBE’s measures are necessary to correct Egypt’s economic path: Finance Minister
Minister of Finance Mohamed Maait stated that the Central Bank’s recent measures, such as raising interest rates and liberalizing the exchange rate, are necessary steps to correct Egypt’s economic path. He said that fiscal and monetary policies are fully coordinated to control and reduce inflation rates to the target levels. The Finance Minister explained that the recent exchange rate adjustment is a shift to a flexible exchange rate system that depends on the supply and demand of foreign currency. He confirmed that the Ministry of Finance aims to reduce public debt to 90% of GDP by 2025. The Finance Minister assured that there will be no price hikes during this period.
Source:Daily News Egypt
March 10, 2024 11:09 UTC
FM warns of threats of any military operation in Rafah city
Foreign Minister Sameh Shoukry reiterated in a phone call with his US counterpart Antony Blinken Egypt’s warning of threats of any military operation in Rafah city of the Gaza Strip, Ministry of Foreign Affairs Spokesman Ahmed Abou Zeid said. Shoukry also asserted Egypt’s rejection to any attempts to displace Palestinian people out of their territories as well as attempts to liquidate the Palestinian cause. The two ministers discussed joint efforts to enforce a truce as well as exchanging detainees in the Gaza Strip. Blinken hailed Egypt’s efforts to mediate between Israel and Hamas as well as efforts to deliver humanitarian aid to the enclave. They also discussed the latest development in the Red Sea region and its consequences on the international trade traffic in which Shoukry warned that expanding conflict in the region will threaten the stability, safety and interests of a number of states.
Source:Egypt Independent
March 09, 2024 23:30 UTC
Egypt's prosecution detains social solidarity ministry officials on charges of facilitating misappropriation of public funds
Substantial amounts of money were seized after the arrest of the Ministry of Social Solidarity officials - ACACAIRO – 9 March 2024: Egypt’s Public Prosecution has ordered the detention of several officials from the Ministry of Social Solidarity on charges of forgery, bribery, and facilitating the misappropriation of public funds. According to a statement by the Administrative Control Authority (ACA) on Saturday, the accused officials allegedly exploited state exemptions and privileges meant for individuals with disabilities to facilitate the importation of vehicles for ineligible parties. During the arrests, the suspects were found in possession of substantial amounts of money, including foreign currency, as well as forged documents, the ACA stated. The ACA also reported the seizure of a printing machine used for forgery. Two days ago, the prosecution also detained 18 individuals responsible for EgyptAir's treasury on allegations of illegally trading nearly $1 million of the company's funds in the parallel market.
Source:Egypt Today
March 09, 2024 22:42 UTC